New York City homeowners could be on the hook for higher property taxes next year if state lawmakers reject Mayor Zohran Mamdani’s push to raise taxes on the city’s wealthiest residents.
In his first budget proposal since taking office, Mamdani warned February 17 that the city may raise property taxes by as much as 9.5% to help close a projected $5.4 billion budget shortfall (1).
Must Read
- Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don’t have to deal with tenants or fix freezers. Here’s how
- Approaching retirement with no savings? Don’t panic, you’re not alone. Here are 6 easy ways you can catch up (and fast)
- Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here’s what it is and 3 simple steps to fix it ASAP
He framed the increase as a last resort and argued it might be avoided if Albany approves a proposed income tax hike on New Yorkers earning $1 million or more.
“If we cannot follow this first path, we will be forced onto a much more damaging path of last resort, one where we have to use the only tools at the city’s disposal: raising property taxes and raiding our reserves, ” he said. “The second path is painful.”…