Zohran Mamdani, the leading Democratic primary candidate for New York City mayor, proposes an overhaul of the city's property tax system aimed at wealthy homeowners. Highlighting billionaire Ken Griffin's 220 Central Park South apartment, taxed at half the average condo rate, Mamdani argues for assessing homes based on actual sales values rather than outdated formulas. Current taxes on Griffin’s apartment are disproportionately low, and the reforms could raise his tax bill significantly while affecting property taxes across various neighborhoods, ensuring a fairer tax system for all residents of New York City.
Zohran Mamdani’s plan could dramatically change tax bills throughout New York City by ensuring properties like Ken Griffin’s Central Park South apartment are taxed closer to their actual sales value, reflecting a need for a systemic overhaul in the property tax system.
The proposed changes suggest that wealthy homeowners, like Griffin, should pay significantly higher property taxes, illustrating the disparity in taxation where an apartment worth nearly $240 million is taxed far below that of average homes in the city.
Collection
[
|
...
]