https://www.politico.com/news/2026/02/17/mamdani-new-york-city-property-taxes-budget-00784077

Mayor Zohran Mamdani opened the door Tuesday to raising New York City’s property taxes as part of this year’s budget — the democratic socialist’s latest gambit to pressure Albany to hike taxes on the wealthy.

Mamdani is set to unveil a $127 billion preliminary budget proposal Tuesday afternoon for the next fiscal year, which begins in July. As part of that plan, Mamdani will float raising property taxes — which he can do without state approval — to close a $5.4 billion revenue shortfall, according to city Comptroller Mark Levine and Public Advocate Jumaane Williams, who spoke with reporters at City Hall after the mayor briefed them on the forthcoming proposal.

In zeroing in on property levies, Mamdani is ratcheting up pressure on Hochul to back his proposals to hike New York’s corporate tax rate 4.25 percentage points and raise the state’s personal income tax by 2 percentage points for residents making more than $1 million.