US Edition
Mamdani Warns of ‘Harmful’ Property Tax Increase if Tax-the- Rich Plan Can’t Support $127B Budget
Mayor Mamdani aims to close a $5.4 billion budget gap by either raising taxes on the wealthy or increasing property taxes by 9.5%, impacting over 3 million residential units.
- At a City Hall briefing Tuesday, Mamdani proposed a 9.5% property tax increase if Albany does not raise taxes on the wealthy, warning of a budget gap.
- Because of prior underbudgeting, Mamdani says the city inherited about a $12 billion budget gap and still faces a $5.4 billion remaining two-year gap.
- The plan assumes withdrawing $980 million from the Rainy Day Fund and $229 million from the Retiree Health Benefits Trust while hiring 50 auditors and adding 200 lawyers and 100 support staff.
- Opponents noted the increase would most affect middle- and working-class New Yorkers, with Levine warning `to rely on a property tax increase and a significant draw-down of reserves would have dire consequences` .
- Absent Albany action — and with Hochul opposed to new taxes in an election year — Mamdani proposes a 9.5% property tax increase if the state doesn't raise wealth taxes, with reports due by March 20 to identify $1.77 billion in savings.
14 Articles
14 Articles
For New York’s mayor Zohran Mamdani, the imposition of new taxes is not a negotiable idea. New York’s socialist leader warned that the city could be forced to raise almost 10% of the property tax if the state does not approve of the new tax on corporations and high-income taxpayers. The tax is part of his budget proposal for fiscal year 2027, while ‘The city that never sleeps’ faces a strong deficit. Read more
NYC Mayor Proposes Property Tax Hike as Albany Resists New Taxes on Wealthy
NEW YORK — New York City could see a significant property tax increase if state lawmakers decline to approve new taxes on high earners and corporations, Mayor Zohran Mamdani said Tuesday while outlining his first preliminary budget. Join our WhatsApp group Subscribe to our Daily Roundup Email Presenting a $127 billion spending plan, the mayor […]
Mamdani threatens 'last resort' property tax hike on middle class if state won't play ball on wealth tax
New York City Mayor Zohran Mamdani said that a property tax increase would be a last resort effort to balance the budget.Kyle Mazza/Anadolu via Getty ImagesMayor Zohran Mamdani said a property tax hike is on the table as a "last resort" in New York City.Higher taxes on the wealthy is his preferred way to bridge the $5.4 billion budget deficit — but requires state buy-in.A potential tax hike could hit middle-class New Yorkers and renters.New York…
Coverage Details
Bias Distribution
- 40% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
