How Much Will NYC Property Taxes Rise?

David Goldsmith

All Powerful Moderator
Staff member
Today Mayor DeBlasio announced a projected $9 billion revenue shortfall in the city's budget.

This has to be made up by a combination of budget cuts and revenue increases (and history has shown us the shortfalls have usually been underestimated - just a month or so ago the estimate was $7.4 billion). He's currently threatening cutting 22,000 jobs, but we know there will be pushback on that. The only place I know the City can raise significant revenue without needing State approval is by increasing Real Estate Taxes. Current revenue from those is about $30.8 billion:
If in the end half of the shortfall ends up being made up by increasing RET that would indicate about a 15% increase. As the projected deficit increases, so would that increase.