\u201cIt would also be a fairly radical change to how we value these apartments, and that change would invite challenges from these apartment owners,\u201d Rein said. <\/p>\n
New York City\u2019s current tax system requires luxury condos and co-ops to be assessed based on the hypothetical income they would generate if they were rental properties, a method that often substantially undervalues them relative to their market sale prices. Changing that assessment system would require approval from the state legislature.<\/p>\n
No new property taxes, for now<\/p>\n
In February, the mayor floated the idea of raising property taxes by 9.5%, saying it would be the only way to balance the city budget.<\/p>\n
The idea was met with fierce backlash from Black homeowners. The New York Times reported<\/a> that local lawmakers across the political spectrum, from Mamdani\u2019s progressive allies to more centrist Democrats, viewed raising property taxes as a nonstarter. The mayor then quietly walked back on this idea, and instead pushed for Gov. Hochul to raise income taxes for residents making more than $1 million a year. This is because New York City cannot raise taxes without approval from the state legislature. Hochul, who is up for re-election this year, has so far rejected<\/a> the idea of raising broad-based income and corporate taxes.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"\u201cIt would also be a fairly radical change to how we value these apartments, and that change would…\n","protected":false},"author":3,"featured_media":795964,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5122],"tags":[5229,405,403,9880,5226,5225,5228,5227,67,586,132,5230,68,2969],"class_list":{"0":"post-795963","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-york","8":"tag-america","9":"tag-new-york","10":"tag-new-york-city","11":"tag-news-desk","12":"tag-newyork","13":"tag-newyorkcity","14":"tag-ny","15":"tag-nyc","16":"tag-united-states","17":"tag-united-states-of-america","18":"tag-unitedstates","19":"tag-unitedstatesofamerica","20":"tag-us","21":"tag-usa"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/116573327067216547","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/795963","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=795963"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/795963\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/795964"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=795963"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=795963"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=795963"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}