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.<\/p>\n
Menin expressed her opposition on the 20th, stating, “Mayor Mamdani’s proposed property tax increase is unfeasible.” The mayor\u2019s 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.<\/p>\n
Councilmember Menin emphasized, “A property tax increase will directly impact small property owners, small businesses, and communities of color.”<\/p>\n
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.<\/p>\n
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.<\/p>\n","protected":false},"excerpt":{"rendered":"