A re-evaluation of all Yonkers properties aimed at recalculating tax bills has some homeowners fuming.

About 30 senior citizens attended a special public hearing on the re-evaluation Wednesday. Residents are concerned the re-evaluation could lead to their property taxes spiking, forcing them to move.

If the re-evaluation plan goes forward, a new tax value will be assigned to 36,000 homes and commercial businesses for the first time in 55 years. The process is expected to take three years and cost approximately $5 million.

"Re-valuation is only about determining that every taxpayer in the jurisdiction pays only their fair share of taxes and no more," says Lee Kyriacou, executive director of the state's Office of Real Property Services. "The only way to be sure of that is to basically reset everyone's property values to market."