While it may not seem like it, the economy in Buffalo and Western New York has been booming lately.

Despite rising interest rates and inflation, money has been flowing in the 716, and you don't have to look any farther than the housing and rental market in Buffalo to be able to see it.

For the last couple of years, Buffalo has had one of the hottest housing markets in the country. Home prices and apartment rents have seen double-digit percentage increases year-over-year, and while that has made it hard for renters and first-time homebuyers, it looks like it's great for home-sellers, apartment owners, and the City of Buffalo.

Buffalo Getting Set To Do A City Wide Tax Reassessment

New York's 2nd largest city has historically not done a great job of keeping track of the value of the property in the City. While some municipalities reassess their properties every year or two, Buffalo hadn't been so diligent. Prior to 2019, the city had not done an assessment of property values since at least 2001.

That changed right before 2020 as city officials approved the first city-wide property evaluation in nearly two decades. Over the last 20-plus years, many residents have seen the value of their properties increase by double, triple, or more in some cases. However, those changes weren't reflected in city tax roles for years since Buffalo had skipped doing a reassessment for so long.

Once the 2019 assessment was enacted, property owners began to see changes in their July 2020 tax bills. Now, Buffalo is getting ready for another city-wide reassessment.

The City of Buffalo remains committed to providing fair and equitable property assessments through regular property assessment evaluations. Since the last revaluation project was implemented in 2020, our city continues to see historic growth and increases in property values, and it is important to conduct regular reviews to ensure all properties are assessed accurately. As City leaders strive to keep Buffalo an inclusive and equitable city, regular reassessments ensure that the property tax burden is distributed equitably and that all property owners are paying their fair share of the tax burden.
-City of Buffalo Department of Assessment and Taxation

The reassessment process is well underway and expected to be completed in late 2024, with the data in place for the tax bills due in July 2025.

You can check the City of Buffalo's Department of Assessment and Taxation website here for more information about the reassessment process. New York State also produces a handy guide for property owners to understand assessments. You can check that out here.

140-Year-Old, Medieval Style Castle is For Sale in Buffalo

This 140-year-old castle in Buffalo is for sale, and it was designed to match the 17th century.

$5 Million Mansion For Sale in Western New York

This mansion is over 100 years old and is nearly $5 million. It has hit the open market.

More From 93.7 WBLK