{"id":598379,"date":"2026-02-18T09:48:11","date_gmt":"2026-02-18T09:48:11","guid":{"rendered":"https:\/\/www.europesays.com\/us\/598379\/"},"modified":"2026-02-18T09:48:11","modified_gmt":"2026-02-18T09:48:11","slug":"mamdani-proposes-9-5-property-tax-hike-in-nyc-as-part-of-new-budget","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/598379\/","title":{"rendered":"Mamdani proposes 9.5% property tax hike in NYC as part of new budget"},"content":{"rendered":"

New York City Mayor Zohran Mamdani <\/a>proposed a 9.5% property tax increase on Tuesday as part of his plan for the city\u2019s \u201cpreliminary budget.\u201d 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\u2019s tax hike proposal comes months after his mayoral campaign<\/a> focused on affordability issues and lowering the cost of living.<\/p>\n

As part of his $127 billion city budget proposal<\/a> for fiscal 2027, which begins in July, he described the property tax increase as a \u201clast resort,\u201d predicated on Gov. Kathy Hochul<\/a>\u2019s refusal (D-NY) to implement a tax hike<\/a> on affluent New Yorkers and corporations. Mamdani emphasized the proposed property tax increase could be avoided if Hochul agreed to taxing the wealthy.<\/p>\n

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Today, I\u2019m releasing the City\u2019s preliminary budget. After years of fiscal mismanagement, we\u2019re staring at a $5.4 billion budget gap \u2014 and two paths. <\/p>\n

One: Albany can raise taxes on the ultra-wealthy and the most profitable corporations and address the fiscal imbalance between\u2026<\/p>\n

\u2014 Mayor Zohran Kwame Mamdani (@NYCMayor) February 17, 2026<\/a><\/p><\/blockquote>\n

\u201cToday, I\u2019m releasing the City\u2019s preliminary budget,\u201d Mamdani posted<\/a> on X. \u201cAfter years of fiscal mismanagement, we\u2019re staring at a $5.4 billion budget gap \u2014 and two paths.\u201d\u00a0<\/p>\n

\u201cOne: Albany can raise taxes on the ultra-wealthy and the most profitable corporations and address the fiscal imbalance between our city and state,\u201d he said.\u00a0<\/p>\n

\u201cThe other, a last resort: balance the budget on the backs of working people using the only tools at the City\u2019s disposal,\u201d Mamdani said.\u00a0<\/p>\n

\u201cThe first path matches a structural crisis with a sustainable and fair solution. I know where I stand,\u201d Mamdani added. \u201cNew Yorkers voted for bold change and competent leadership. We will deliver both, and we look forward to partnering with Albany to protect working New Yorkers.\u201d<\/p>\n

If approved, it would be the first property tax increase in New York City since 2003, according to reports<\/a>.<\/p>\n

Hochul and other Democrats blasted Mamdani\u2019s idea, saying she didn\u2019t think it was \u201cnecessary.\u201d\u00a0<\/p>\n

\u201cI\u2019m not supportive of a property tax increase,\u201d Hochul said<\/a> at a press conference in New York City. \u201cI don\u2019t know that that\u2019s necessary, but let\u2019s find out what is really necessary to close that gap.\u201d<\/p>\n

New York City Council Speaker Julie Menin also criticized the idea, emphasizing that such a thing should not even be considered. Menin and City Council Member Linda Lee, the council\u2019s finance committee chairwoman, released a statement dismissing the idea, Politico reported.<\/p>\n

\u201cAt a time when New Yorkers are already grappling with an affordability crisis, dipping into rainy day reserves and proposing significant property tax increases should not be on the table whatsoever,\u201d read the joint statement.<\/p>\n

Mamdani would need City Council approval to make his proposed property tax increase a reality, should it come to that point.<\/p>\n

Mamdani administration officials reported that the proposed tax hike would generate an additional $3.7 billion in revenue, the New York Daily News reported. However, it is also believed that such an increase would disproportionately affect black neighborhoods<\/a> in New York City.\u00a0<\/p>\n

Citizens Budget Commission, a self-described \u201cnonpartisan, nonprofit civic organization whose mission is to achieve constructive change in the finances and services of New York City and New York State government,\u201d dismissed Mamdani\u2019s proposal and criticized the rationale behind it.<\/p>\n

\u201cMayor Mamdani\u2019s preliminary budget proposes a false choice: either the state raises personal income and business taxes, or the city raises property taxes and saps money from reserves, including those to protect New Yorkers from a recession,\u201d said<\/a> Andrew Rein, president of the CBC. \u201cThe best choice is to eliminate spending that does not improve New Yorkers\u2019 lives and make government more efficient and effective.\u201d<\/p>\n