{"id":228426,"date":"2026-05-12T12:14:07","date_gmt":"2026-05-12T12:14:07","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/228426\/"},"modified":"2026-05-12T12:14:07","modified_gmt":"2026-05-12T12:14:07","slug":"nyc-mayor-mamdani-expected-to-scrap-plans-to-raise-property-taxes-in-budget","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/228426\/","title":{"rendered":"NYC Mayor Mamdani expected to scrap plans to raise property taxes in budget"},"content":{"rendered":"

New York City Mayor Zohran Mamdani is expected to close a multi-billion-dollar gap<\/a> as he announces his executive budget for the upcoming fiscal year.<\/p>\n

It’s a financial puzzle with several pieces still missing, but the mayor will show residents what he plans to do on Tuesday afternoon.\u00a0<\/p>\n

In a significant reversal from earlier proposals, Mamdani is expected to drop his plans to raise property taxes. The move will require finding savings or new revenue elsewhere.<\/p>\n

While the state budget is still being negotiated, it already has $28 billion carved out in total aid for the city.\u00a0<\/p>\n

“With this governor, what we’ve seen, however, is a commitment to the city, and in a moment where we inherited an incredible fiscal deficit, we’ve seen her partnership in helping us bridge that,” Mamdani said.\u00a0<\/p>\n

The pied-\u00e0-terre tax<\/p>\n

Another topic will likely be the controversial tax for the city.\u00a0<\/p>\n

New York Gov. Kathy Hochul approved the\u00a0pied-\u00e0-terre<\/a>\u00a0tax, which will target second homes in New York City valued over $5 million with an annual surcharge. It is projected to bring in more than $500 million annually. <\/p>\n

The levy has drawn sharp backlash from billionaires like Citadel CEO Ken Griffin<\/a>. <\/p>\n

“With 1% of New York taxpayers paying 45% of all the taxes, the city is in a precarious position if they make those who create value feel like they’re best off moving their businesses and their lives to other jurisdictions,” Griffin<\/a>\u00a0said in an interview on CNBC.\u00a0<\/p>\n

Details like the tax rate, who exactly will pay, and whether it will be based on assessed value or actual market value have not been worked out.<\/p>\n

Education funding in question<\/p>\n

The mayor wants to save millions by delaying the implementation of class size mandates, but that plan has not been agreed to.\u00a0<\/p>\n

The total education aid package from the state is still uncertain. \u00a0<\/p>\n

In:<\/p>\n","protected":false},"excerpt":{"rendered":"New York City Mayor Zohran Mamdani is expected to close a multi-billion-dollar gap as he announces his executive…\n","protected":false},"author":2,"featured_media":228427,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[9,56,63,65,64,82],"class_list":["post-228426","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-york-city","tag-new-york","tag-ny","tag-nyc","tag-nyc-headlines","tag-nyc-news","tag-zohran-mamdani"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/228426","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=228426"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/228426\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/228427"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=228426"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=228426"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=228426"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}