Democrats are pushing back against New York City Mayor Zohran Mamdani’s property tax plan. Mamdani is now looking to pass a $127 billion budget plan that includes significant property tax increases in the city.
Why It Matters
Democratic criticism over Mamdani’s plans signals a shift in the party and could reflect views that Mamdani’s financial plans are too radical for more centrist Democrats in the state.
The current plan Mamdani is looking to implement would increase property tax rates by roughly 9.5 percent, but some critics say it would disproportionately target lower- and moderate-income homeowners.
What To Know
Mamdani’s preliminary Fiscal Year 2027 budget seeks to close a $5 billion-plus budget gap and would levy the first property tax increase in more than two decades.
Specifically, rates would surge by 9.5 percent as a last resort. Mamdani has said he would prefer to approve higher taxes on the wealthiest New Yorkers and corporations instead, but the property tax increase would be necessary if that wasn’t possible.
While Governor Kathy Hochul and other officials have opposed the property tax hike because of affordability concerns, there hasn’t been a widespread push to raise taxes on the wealthy and corporations instead.
"I'm not supportive of a property tax increase, I don't know that that's necessary," Hochul said.
Raising the property taxes would generate roughly $3.6 billion to $3.8 billion yearly beginning in 2027.
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SS: NYC Mayor Zohran Mamdani states he wishes to tackle New York’s 5.4-billion fiscal crisis. While he states his first choice would be income tax increases for the wealthiest New Yorkers, resistance from Albany has made him look at the one tax New York City can increase.
This story deals with taxes, fiscal budgets and the internal battle between different sets of Democrats at the community, local and state levels.
Some choice quotes from opponents of the property tax hike proposal:
> **Queens Borough President Donovan Richards, on X:**
> “As I told Mayor Mamdani this afternoon, a property tax hike upwards of 9.5 percent is a nonstarter. Under no circumstance should we consider balancing our budget on the backs of working-class New Yorkers, especially seniors on fixed incomes and workers who keep our city running.”
> **New York City Council Speaker Julie Menin, in a statement:**
> “At 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.”
No taxes only treats.
Mayor Mamdani, may I suggest taxing the unimproved value of land?