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Mamdani threatens 9.5% property tax increase if wealth tax is not passed

New York City Mayor Zohran Mamdani has proposed a significant property tax increase. This measure is a last resort if Governor Kathy Hochul does not agree to raise income taxes on wealthy individuals. The proposed hike could impact millions of homes and businesses. Mamdani aims to address a substantial budget deficit. Negotiations with the City Council are ongoing.

18 Feb 2026 6:37 am