Overview
- Mayor Zohran Mamdani’s preliminary budget contemplates a 9.5% across-the-board property-tax rate increase that would raise an estimated $3.7 billion, or about 70% of the shortfall.
- Because Queens condos already face an 11.2% year-over-year rise, layering on the proposed 9.5% would lift their total increase to 21.7%, adding roughly $1,233 per apartment.
- Citywide, average condo tax bills would climb to about $17,344, up $2,113 from last year, while co-ops would average $10,889, an increase of $1,338.
- Manhattan condos would see the largest dollar bump from the proposed rate hike, adding about $2,212 on top of increases already projected for the coming year.
- The rate hike requires City Council approval by the June 30 budget deadline, and the plan is framed as leverage on Albany to approve higher income and business taxes on top earners, with no change to valuation methods as litigation and assessment challenges continue.