The City of Lockport will spend $400,000 over the next three years to reassess all 8,200 properties in the city.
The Common Council approved a contract with GAR Associates, a Williamsville appraisal firm, to help City Assessor Tracy A. Farrell determine new property values.
Farrell said Thursday the plan is for the new assessments to be in use for the 2022-23 school taxes and the 2023 city and county taxes.
Since the last citywide revaluation in 2011, the city’s tax roll has sunk to 81% of market value, according to the state Office of Real Property Services.
“Most of our assessments are at least 20% to 30% below value,” Farrell told the council. “I think (revaluation) is the right thing to do because a lot of our assessments are not fair. … A lot of our lowest-value homes are overassessed.”
“The tax rate will go down. It doesn’t mean that what people will pay will go down,” Alderman Joseph P. Oates said at the council session.