There\u2019s no freeze on soaring costs.<\/p>\n
City homeowners and landlords are bracing for a hike in their property taxes, as Mayor Zohran Mamdani\u2019s \u201crent-freeze<\/a>\u201d promise can send prices soaring for residents who don\u2019t live in rent-controlled apartments.<\/p>\n Building owners whose stock includes government-regulated apartments said that if the socialist mayor gets his wish of a \u201crent freeze\u201d for the rent-controlled units could make it harder to maintain their properties \u2014 and could force them to hike rents for market-rate properties to make up the difference.<\/p>\n City homeowners and landlords are bracing for a hike in their property taxes, as Mayor Zohran Mamdani\u2019s \u201crent-freeze\u201d promise can send prices soaring for residents who don\u2019t live in rent-controlled apartments.<\/p>\n \u201cYou can\u2019t have your cake and eat it, too. You can\u2019t say you want to freeze the rent and then raise my property taxes,\u201d said Humberto Lopes, CEO of HL Dynasty and the Gotham Housing Alliance, who owns 100 properties.<\/p>\n Lopes said a 20-story, rent-regulated apartment building he owns on 446 Senator St. in the Bay Ridge neighborhood would jump from $78,000 to $91,000 under updated assessment rolls that saw valuation on co-ops, condos, and apartment buildings by 6.2%.<\/p>\n Meanwhile, single-family houses or buildings with up to three units saw assessments go up 4.7%, which could also send property tax bills soaring.<\/p>\n \u201cYou want to freeze the rent? Freeze the property taxes or lower them. Right now, you\u2019re increasing the expenses to my building.\u201d<\/p>\n Building owners whose stock includes government-regulated apartments said that if the socialist mayor gets his wish of a \u201crent freeze\u201d for the rent-controlled units could make it harder to maintain their properties, according to reports. Helayne Seidman<\/p>\n The city Department of Finance let the cat out of the bag about a pending property tax hike when it released preliminary assessment rolls for properties last week, covering the fiscal year July 1, 2026, through June 30, 2027. The rolls partially dictate forthcoming hikes.<\/p>\n Property taxes will rise to account for the surging market value <\/a>of the city\u2019s housing stock, not a hike in the tax rate.<\/p>\n DOF reported that:<\/p>\n For Class 1 properties covering one-to-three family homes, assessed values rose an average of 4.7%.<\/p>\n Staten Island homes had the greatest percentage increase in assessed value, up 5.1%. <\/p>\n Assessments jumped an average of 6.2% on Class 2 properties covering co-ops, condos and rental apartment buildings.<\/p>\n In Mamdani-loving Brooklyn, co-op and apartment buildings saw an 11.1% increase, the highest in the city.<\/p>\n For commercial properties, assessment increased by 5.8%.<\/p>\n Commercial properties in the Bronx saw the largest increase in assessed value, at 11%.<\/p>\n Assessed value for office buildings increased by 4.2%, and retail buildings saw a 5.9% increase.<\/p>\n Brooklyn had the largest increase in assessed value for retail buildings at 7.6%<\/p>\n \u201cThese higher assessments mean one thing: higher property tax bills,\u201d said a spokesperson for Homeowners for an Affordable New York.<\/p>\n Meanwhile, single-family houses or buildings with up to three units saw assessments go up 4.7%, which could also send property tax bills soaring, reports say. Christopher Sadowski<\/p>\n \u201cMayor Mamdani promised to make the city more affordable; yet under his watch, the city is quietly hiking taxes that property owners will inevitably pass on to tenants,\u201d the spokesperson said. \u201cRising assessments are an invisible rent hike for every tenant in New York, and ordinary homeowners are being squeezed, too.\u201d<\/p>\n