{"id":228713,"date":"2026-05-12T16:38:07","date_gmt":"2026-05-12T16:38:07","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/228713\/"},"modified":"2026-05-12T16:38:07","modified_gmt":"2026-05-12T16:38:07","slug":"no-rise-on-nyc-property-tax-as-state-pitches-in-4b-to-close-city-budget-gap","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/228713\/","title":{"rendered":"No rise on NYC property tax as state pitches in $4B to close city budget gap"},"content":{"rendered":"

Mayor Zohran Mamdani won\u2019t try to boost\u00a0New York City\u2019s property taxes after all.<\/p>\n

With an arrangement with Gov. Kathy Hochul for $4 billion from the state \u2014 bringing the money to $8 billion over two years \u2014 to close New York City\u2019s budget gap for the fiscal year, Mamdani is no longer seeking property tax increases.<\/p>\n

Mamdani and Hochul announced the plan on Tuesday morning.<\/p>\n

The office of the city council speaker, who would have needed to green light a property tax increase, said the property tax increase, which Mamdani had threatened earlier this year absent state money, was no longer being pursued.<\/p>\n

Still, the plan had been moribund from the start, as the speaker, Julie Menin, had ruled it out not long after Mamdani had proposed it.<\/p>\n

In a statement, Hochul said helping the city helped\u00a0the state, what she called “gap-closing support.”<\/p>\n

“From day one, I have been committed to ensuring New York City succeeds, because a strong and stable City means an even stronger New York State,” she said in a statement.<\/p>\n

Mamdani’s increase on the average home would have been roughly $700.<\/p>\n

Mandani blamed the budget gap in his nearly $130 billion budget on his predecessor Eric Adams’ accounting methods.<\/p>\n

Experts told Newsday that even had Mamdani managed to increase property taxes, there would be no appreciable exodus to Long Island\u00a0because property taxes are so high there.<\/p>\n

In a statement, Menin expressed relief that, coupled with savings, the money from the state “avoids raising property taxes or raiding reserves.”<\/p>\n

\"Matthew<\/p>\n

\n\tMatthew Chayes, a Newsday reporter since 2007, covers New York City.<\/p>\n","protected":false},"excerpt":{"rendered":"Mayor Zohran Mamdani won\u2019t try to boost\u00a0New York City\u2019s property taxes after all. With an arrangement with Gov.…\n","protected":false},"author":2,"featured_media":228714,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[4275,9,24,55,54,56,8017],"class_list":["post-228713","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-york-city","tag-local-politics","tag-new-york","tag-new-york-city","tag-new-york-city-headlines","tag-new-york-city-news","tag-ny","tag-state-region"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/228713","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=228713"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/228713\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/228714"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=228713"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=228713"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=228713"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}