Challenging Your New Assessment – Deadline December 31
Commercial and residential property owners in Buffalo can potentially save thousands of dollars by appealing their property tax assessments. Since the city does not raise assessments based on whether an appeal is filed, and there’s no cost to challenge an assessment, property owners have nothing to lose by taking action. Research shows that between 30 and 60 percent of properties are assessed too high, making appeals a valuable option. Despite this potential for savings, only about 5 percent of property owners file appeals.
Benefits of Filing an Appeal
In recent years, property taxes in Buffalo have increased significantly. While property values can fluctuate, the city follows a regular assessment schedule, meaning values are only estimated periodically. This reliance on computer models can result in many properties being over-assessed. Errors regarding square footage, the number of rooms, property classification, and overall condition can contribute to inflated assessments. By appealing, property owners can correct these inaccuracies, providing assessors with a clearer picture of their property’s true value, which may lead to substantial reductions in property taxes. Property owners who successfully appeal their assessments can enjoy savings on their tax bills for years to come. Importantly, there are no fees unless a reduction in taxes is achieved, and those fees are based solely on the savings realized.
Reasons for Not Appealing
Many property owners avoid filing appeals due to misconceptions, such as the belief that the city will retaliate by raising assessments. However, in Buffalo, filing an appeal does not result in increased assessments; in fact, they are more likely to decrease. Other barriers include busy schedules and concerns about the complexity of the appeals process. However, appealing property tax assessments in Buffalo is straightforward, especially when assisted by an experienced property tax attorney.
By taking the initiative to appeal their assessments, Buffalo property owners can make informed decisions and potentially secure significant tax savings.