The City of Buffalo held their first of many meetings Wednesday night to inform the public on the reassessment process of the more than 95,000 properties within city limits.
This is the first reassessment to be done in Buffalo since 2010.
The purpose of a property reassessment is to "establish uniform, fair and equitable assessments on all real property types."
Buffalo has been in the middle of a real estate "boom" with the average median cost of a home growing 10% since last year according to Zillow.
Often reassessments lead to possible tax increases. Typically, as an assessment goes up, taxes do as well.
During a presentation to the public, it was stressed that technically a reassessment does not raise taxes. It does, however, create a true value for a property which the property tax is based on. The higher the value the higher the tax.
