Mayor Mamdani Threatens Hike to NYC Property Taxes
Mayor Zohran Mamdani has proposed increasing property taxes by 9.5% in New York City to close a major budget gap.
It’s one of few tax levers in the city’s control, set each year by the City Council and mayor. The current property tax rate for one, two and three-family homes is around 20% and just over 12% for co-ops, condos and buildings with over four units.
No property tax reform has been proposed, but Mamdani said it is coming. Mamdani said the property tax hike is a last resort, and is still pushing Gov. Kathy Hochul to increase taxes on wealthy New Yorkers and corporations.
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