New York City Council Speaker Julie Menin has made it clear that she will reject Mayor Zoran Mamdani’s proposed 9.5% property tax increase.
Menin expressed her opposition on the 20th, stating, “Mayor Mamdani’s proposed property tax increase is unfeasible.” The mayor’s proposed 2026-27 budget, released on the 17th, included a plan to raise property taxes by 9.5% if the tax increase fails, and the Councilmember, who has the authority to approve it, has made it clear that she will reject it.
Councilmember Menin emphasized, “A property tax increase will directly impact small property owners, small businesses, and communities of color.”
According to a New York Times analysis, Mayor Mamdani’s proposed property tax increase would affect over 3 million single-family homes and apartments and over 100,000 commercial buildings. If implemented, the city could secure an additional $14.8 billion in tax revenue over the next four years.
As of this year, New York City property taxes are 19.843% for Class 1 (one- to three-family homes and condos) and 12.439% for Class 2 (apartments, co-ops, and large condos). While New York City property taxes are the only tax the mayor can control without state or legislative approval, any increase requires City Council approval.