The 2024 reassessment of the City of Lockport shows that the combined value of all taxable properties has increased by 4%. Tracy Farrell, city assessor, said current taxable value of the city is about $1.51 billion, compared to $1.46 billion in 2023.
The city began doing annual reassessment in 2022, after not doing it at all for 11 years.
In 2022, revaluation was not too popular with some property owners. Cindy Moltz-McInerney saw her home’s tentative assessed value skyrocket to $183,000 from $35,000, for instance.
Revaluation wasn’t welcomed by all Common Council members, either. Before the tentative roll was released in 2022, 3rd Ward Alderman Mark Devine proposed a delay in putting new numbers on the books, until property owners recovered from the Covid-19 pandemic. Then-1st Ward Alderman Paul Beakman voted for Devine’s resolution but they were out-voted 2-4.
That year, about 500 property owners approached Farrell for informal assessment review, and 250 property owners got a hearing before the Board of Assessment Review.
In the end, the big increase in overall assessed value led to a dramatic reduction in the city tax rate.
And the following year, fewer property owners grieved their new assessment, Farrell noted; 350 requests for a change were fielded informally or by the BAR.
This year, only about 50 property owners asked for informal review of their 2024 assessment before the April 19 deadline. Farrell said she believes that trend will continue.
Grievance Day, the day when the BAR convenes to hold hearings on assessment challenges, is May 28. To schedule a hearing, call the assessor’s office at 716-439-6614.
Farrell fielded this reporter’s questions Wednesday, saying she did not have to get clearance from Mayor John Lombardi III first. Lombardi confirmed that his week-old “directive” barring employees from speaking to the press was rescinded. Department heads were informed of this early Wednesday.