New York City homeowners could face higher property taxes if Albany won’t tax the rich, according to NY1. In his first budget plan, Mayor Zohran Mamdani warned he may raise property taxes to close a multibillion-dollar gap.
Mamdani says the city faces a $12 billion shortfall over two years and prefers higher taxes on wealthy New Yorkers. If Gov. Kathy Hochul and state lawmakers reject that idea, he says the city may hike property taxes and tap reserves instead.
Hochul opposes both tax increases and urged him to rethink the plan. City Council leaders from both parties also call property tax hikes a nonstarter. The proposed budget reaches $122 billion next year, with a June 30 deadline for approval.
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