HUNT VALLEY, Md. (TNND) \u2014 New York City Mayor Zohran Mamdani warned Tuesday that property taxes will be raised if the state rejects a proposed wealth tax.<\/p>\n
He said during a presentation of the city\u2019s preliminary 2027 fiscal year budget that there will be a 9.5% property tax increase on some residents if Albany doesn\u2019t approve a 2% income tax hike on the wealthy.<\/p>\n
\u201cThere are two paths that we can walk: One that offers long-term stability, and a second one with significant pain that we deeply hope to avoid,\u201d Mamdani said.<\/p>\n
The potential property tax increase would affect more than three million residential units and over 100,000 commercial buildings, the mayor explained, although The National News Desk (TNND) couldn\u2019t confirm. The wealth tax would apply to residents earning more than $1 million annually.<\/p>\n
Governor Kathy Hochul has reportedly downplayed Mamdani\u2019s warning. She said during a separate press conference that she wasn\u2019t \u201ccertain there\u2019s a property tax increase,\u201d according to Spectrum News NY1<\/a>.<\/p>\n \u201c[The city] is required by law to announce where it is today, but it’s not resolved until there\u2019s a lot of negotiation with the city council and a review with his budget team of what their real expenses are and what they need to be, and that\u2019s not due until July, so there\u2019s a lot of time to work this out,\u201d Hochul explained.<\/p>\n The city is facing a $5.4 million deficit. Mamdani <\/a>has said that his predecessor, former Mayor Eric Adams, mismanaged the city\u2019s finances, although Adams has defended his fiscal policy.<\/p>\n The current mayor called the shortfall a \u201csteep mountain\u201d that can be overcome through a rebalanced relationship with the state. He claimed that Albany has taken a disproportionate amount from the city.<\/p>\n \u201cWe know that for far too long, New Yorkers have given far more to the state than what we have received in return,\u201d the mayor said. \u201cIt is time to end the drain.\u201d<\/p>\n