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No Property Tax Hike Coming to NYC, Mamdani Says
A property tax hike is off the table for New York City, Mayor Zohran Mamdani announced on Tuesday as part of his executive city budget.
Mamdani threatened an across-the-board tax hike as a method to close the city’s $5.4 billion budget gap. He referred to it as a last resort should Gov. Kathy Hochul refuse to increase taxes on wealthy New Yorkers.
It doesn’t look like there will be an income or corporate tax hike for wealthy New Yorkers this year. But the mayor and governor have agreed on a pied-à-terre tax on luxury second-homes projected to bring in $500 million.
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