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NYC Mayor Zohran Mamdani's proposal to increase property taxes angers homeowners in Southeast Queens
QUEENS, New York (WABC) — Residents in Queens were both angry and disappointed Thursday night in reaction to Mayor Zohran Mamdani's proposal to increase property taxes.
They say he promised affordable housing for his entire campaign and has now made an about face.
"I don't plan to move. It's my home. I'm not leaving," said homeowner Vivian Campbell.
This two-story single-family home in Cambria Heights is Campbell's American dream come true. His starter home has become his forever home.
He bought it just after graduating college in the 1990s. Inside, he even has a stack of CDs to prove it.
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Shhh, listen. Did Mamdani say perCENT? Or percentage POINT?
Mamdani is a wizard with the percent trickery.
Ed Reed/Mayoral Photography Office
On Tuesday, New York City Mayor Zohran Mamdani laid out two possible paths to closing a $5.4 billion budget gap next year, both of which involve tax hikes.
The first – his preferred method – would include a personal income tax rate hike of two percentage points on people making over $1 million annually, as well as a corporate tax hike. The second – which he described as a “last resort” option – would include a 9.5% increase in the overall property tax rate in New York City.
Those figures shouldn’t be understood in the same way. Though Mamdani has at times described his income tax proposal as a 2% increase – “I’m asking for a 2% raise in personal income taxes on the most affluent New Yorkers,” he said on Tin Cup Day – it would in fact be an increase of two percentage points, or a roughly 52% increase in what those New Yorkers are paying in city income tax. Per city budget officials, the city income tax rate would rise from about 3.88% to 5.88% under Mamdani’s millionaire tax proposal. (Mamdani has at other times described it more clearly. During the campaign, he called for a new, flat 2% tax on people making $1 million or more annually, which would equate to paying $20,000 more in taxes for those who make exactly $1 million.)
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