US EditionNYC Mayor Threatens 9.5% Property Tax Hike Unless Albany Taxes Wealthy
Mayor Mamdani warns a 9.5% property tax hike could raise $3.7 billion to cover a $5.4 billion budget gap if state wealth tax fails, impacting working- and middle-class New Yorkers.
- 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.
112 Articles
112 Articles
The mayor of New York, Zohran Mamdani, presented the preliminary budget 2027 and warned that he could increase the real estate tax if the state does not authorize new taxes on large incomes and companies.The plan opens a front with the governor and transfers the tax debate to Albany.The property tax could increase in the city of New YorkThe document contemplates a total spending close to $127 billion and recognizes a significant budget gap.The m…
Sanctuary City Mayor Mamdani Moves To Precipitously Raise Taxes On The Wealthy, Threatens To Destroy NYC With Property Taxes - The American Tribune.com
In his February 17, 2026, address on the disastrous preliminary budget for New York City, Mayor Zohran Mamdani outlined two paths to address an inherited multibillion-dollar gap. Mamdani outlined the first path, which involves raising taxes on the wealthiest New Yorkers and profitable corporations. He claimed that if Albany refuses this plan, the city faces a second, more harmful path: a 9.5% property tax increase. which would generate ~$3.7 bil…
Tax Hikes And Cop Cuts: NYC Mayor’s New Budget Sparks "Disaster" Warnings
New York City Mayor Zohran Mamdani has unveiled a $127 billion budget that signals a massive shift in how the city spends its money, drawing sharp criticism from law enforcement circles. During an appearance on Fox & Friends Thursday, former NYPD Chief of Department John Chell joined host Brian Kilmeade to sound the alarm over […] Tax Hikes And Cop Cuts: NYC Mayor’s New Budget Sparks “Disaster” Warnings
Business Insider: Mamdani Says if the State Won’t Tax the Wealthiest New Yorkers, He’d Have To Tax the Middle Class as a ‘Last Resort’
Without Albany’s willingness to hike income or corporate taxes, Mamdani is signaling he will need to turn to other measures to fund his budget. He’s floating increasing property taxes for the city’s residents.
Zohran Mamdani threatens to increase property tax on New York City workers
Mamdani announced that unless the New York state legislature increases taxes on the rich and on corporations, he will implement a 9.5 percent increase in property taxes in the city to balance the annual budget.
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