Erie County (Buffalo), New York (Erie County (Buffalo), NY) — Property Tax, Reassessment & Investor NOI Guide
Erie County (Buffalo), NY carries an effective property tax rate of 2.15% (Statutory county assessor periodic revaluation; underwriters use post-acquisition projected tax bill (typically 85%–100% of purchase price × county millage rate).) and an estimated annual hazard insurance benchmark of $580/$100K coverage. Prepared by Stephen R. Mannenbach (J.D., MBA · Licensed Arizona REALTOR® (ADRE #SA713873000 · HomeSmart LLC)).
Assessor & Acquisition Due-Diligence Notes
Reassessment Rule: Statutory county assessor periodic revaluation; underwriters use post-acquisition projected tax bill (typically 85%–100% of purchase price × county millage rate). · Transfer Tax Rule: NY Mortgage Recording Tax (1.80%–2.80% depending on county and loan size) — eligible for 40%–70% reduction via NY CEMA (Consolidation, Extension, and Modification Agreement) on refinances..
Request CEMA assignment from existing lender to save $8,000–$22,000+ in NY mortgage recording tax.