"Earlier this week, the administration released its preliminary budget, which included raising property taxes in the city by 9.5 percent in order to cover a $5 billion shortfall a move Mamdani said he'd only tap as a tool of very last resort and one Gov. Kathy Hochul doesn't seem inclined to support."
"Alongside the budget, Mamdani also indicated he planned to float a proposal to reform the city's property tax system to New York State legislators in the next few weeks, echoing a promise former Mayor Eric Adams made almost exactly a year ago."
"His budget director, Sherif Soliman, said on Tuesday that those reforms would be based on the de Blasio administration's property tax commission's 2021 report and would likely include scrapping limits on increasing assessed values and assessing co-ops and condos using a sales-based market value instead of rentals."
"New York City doesn't need Albany's permission to fix the property tax system, Martha Stark, policy director for Tax Equity Now New York, said in a statement. Stark's organization, also known as TENNY, is in the midst of a decade-long lawsuit against the city over alleged inequities in the system."
The administration released a preliminary budget that includes a 9.5 percent property tax increase to cover a $5 billion shortfall. Mayor Zohran Mamdani described such an increase as a last-resort option and signaled plans to propose property tax reform to New York State legislators in the coming weeks. Proposed reforms would draw from the de Blasio administration's 2021 property tax commission report and could remove limits on assessed-value increases while shifting co-op and condo assessments to sales-based market values rather than rental-based measures. Tax Equity Now New York says the city can act without Albany and is pursuing a lawsuit over alleged inequities. Mayors have historically deferred reform to Albany while state lawmakers resist change.
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