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NYC Mayor Threatens 9.5% Property Tax Hike Unless Albany Taxes Wealthy
Mayor Mamdani threatens a 9.5% property tax hike to close a $5.4 billion budget gap if the state does not raise taxes on the wealthy and corporations, impacting over 3 million residential owners.
- 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.
68 Articles
68 Articles
New York's mayor Zohran Mamdani sees his city against a difficult decision: Either the rich are taxed more strongly or the property tax increases drastically, he warns. Donald Trump would be affected by this.
Elections have consequences as Mamdani set to jack up property taxes · American Wire News
Socialism’s slippery slope found the Big Apple’s mayor doing an about-face on free stuff, instead warning tax hikes were on the way for naive New Yorkers. While the public relations of his campaign plowed ahead with heavily produced propaganda pieces, reality is setting in that New York City Mayor Zohran Mamdani (D) lacks the means to fulfill the entitlement dreams of his supporters. Instead, facing a more than $5 billion budget problem, Hizzone…
NYC mayor Mamdani threatens property tax hike
New York City Mayor Zohran Mamdani ignited a sharp political confrontation Tuesday by presenting a new preliminary budget for 2027 and warning that if New York State does not approve tax hikes on the wealthy and corporations, the city will be forced to raise property taxes for residents. Under the plan, property taxes would rise by approximately 9.5%, affecting more than three million residential properties and over one hundred thousand commerc…
The new mayor of New York, the communist Muslim of Ugandan origin Zohran Mamdani, has already begun to replace the illusion with the assault on the pockets of New Yorkers. Mamdani has found himself with a black hole in the city’s finances of $5 billion and has decided that the homeowners will cover it with a new tax. The mayor proposes to combine the raising of property taxes with a withdrawal of funds from the municipal reserves, just after the…
Mamdani proposes 9.5% property tax hike in NYC as part of new budget
New York City Mayor Zohran Mamdani proposed a 9.5% property tax increase on Tuesday as part of his plan for the city’s “preliminary budget.” Mamdani said the tax hike was necessary to offset a $5.4 billion budget shortfall in the city due to the financial mismanagement by previous administrations. Mamdani’s tax hike proposal comes months after his mayoral campaign focused on affordability issues and lowering the cost of living. As part of his $1…
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