Tag

Property Tax

All articles tagged with #property tax

local8 days ago•4 min saved

Mamdani floats 9.5% NYC property tax increase as last resort

NYC Mayor Zohran Mamdani proposed a 9.5% citywide property tax hike as a final measure to close about a $5.4 billion budget gap, potentially raiding reserves; the proposal would require City Council approval and faces swift opposition, while Gov. Hochul disputes the need for a property tax increase and has added roughly $1.5 billion in state funding to shrink the gap. Critics say the plan is inequitable and demand reform of the property tax system, with savings analyses due by March 20 as the city continues to grapple with a long-standing budget shortfall.

via THE CITY - NYC News|

#budget-gap #city-budget-reform #local

politics8 days ago•8 min saved

Mamdani Eyes Property Tax Hike to Bridge NYC Budget Gap, Pressing Hochul on Wealth Taxes

New York City Mayor-elect Zohran Mamdani unveils a $127 billion preliminary budget and floats raising city property taxes to cover a roughly $5.4 billion shortfall, a tactic aimed at pressuring Gov. Hochul to back higher taxes on the ultra-wealthy and corporations. The plan would draw on reserves and requires City Council support, while Hochul has shown limited appetite for property-tax increases; Albany approval would be needed for other wealth-based taxes.

via Politico|

#budget #hochul #mamdani

politics1 month ago•8 min saved

Mass. Senate rebukes Wu’s tax shift, backs homeowner relief

The Massachusetts Senate advanced a targeted tax-relief bill to cushion homeowners from sharp residential tax hikes and rejected Mayor Michelle Wu’s plan to shift more tax burden onto commercial properties in Boston; the relief measure passed 37-1, while Wu’s amendment failed 33-5, setting the stage for House consideration amid ongoing tensions between Wu and Senate leadership.

via NBC Boston|

#boston #massachusetts #mayor-wu

politics1 month ago•16 min saved

Iowa Gov. Reynolds pushes sweeping property-tax cap and budget in final term

In her 2026 Condition of the State, Gov. Kim Reynolds unveiled a broad property-tax relief plan to cap local revenue growth at 2% annually (with exceptions for new construction), plus senior tax relief, FirstHome Iowa savings accounts, and modernization of veterans’ benefits funded in part by expanded federal health programs for rural cancer care. The package also includes consolidation incentives, a move to triannual property assessments, limits on TIF use, and accelerated SAVE funding for tax relief, paired with a FY2027 budget of about $9.666 billion (≈2% more). She contrasted her plan with Senate and House proposals, touched on health, housing and immigration measures, and signaled ongoing fights over eminent domain in carbon-pipeline projects as she serves in her final term.

via Iowa Capital Dispatch|

#budget #condition-of-the-state #governor-reynolds

politics1 month ago•3 min saved

New Hampshire weighs taxes on vacant and luxury second homes

Two New Hampshire bills would tax second homes and unoccupied properties: a 0.75% levy on second homes valued at $500,000+ that would go to the local municipality, and a 'supplemental residence tax' requiring owners to pay the state the equivalent of their property tax if the home sits empty six months a year or is rented seasonally. Revenue projections range from about $15 million annually to more than $900 million, sparking debate over implementation and fairness; supporters say it could address housing and community funding needs while critics, including real estate and vacation rental interests, call it punitive. Gov. Ayotte and lawmakers say more housing units are needed and these measures will be reviewed in subcommittees.

via New Hampshire Public Radio|

#housing-policy #new-hampshire #politics

state-politics1 month ago•9 min saved

DeSantis’ Florida finale teeters on a turbulent legislative sprint

With Gov. Ron DeSantis’ eight-year tenure ending, Florida’s closing legislative session looks likely to be messy as House–Senate clashes complicate an ambitious agenda: pushing a multibillion-dollar property-tax overhaul onto the November ballot, pursuing mid-decade redistricting in a special session, and advancing AI guardrails along with vaccine-mandate rollbacks—all of which could shape his legacy and his near-certain 2024 presidential bid amid a shifting GOP power dynamic.

via Politico|

#desantis #florida-legislature #property-tax

local-government2 months ago•7 min saved

Pittsburgh Council Approves 20% Property Tax Increase Amid Financial Concerns

Pittsburgh City Council approved a 20% property tax increase to address a $20-30 million budget shortfall, raising the millage rate from 8.06 to 9.67, amidst opposition from some council members and residents who criticized the hike and suggested alternative revenue sources like taxing nonprofits.

via Pittsburgh's Public Source|

#budget #city-council #local-government

politics3 months ago•2 min saved

Texas voters approve property tax breaks and key amendments in 2025 election

Texas voters approved measures to increase the homestead exemption from $100,000 to $140,000, providing property tax relief to homeowners, especially seniors and disabled residents, and also approved an exemption for business inventory, aiming to reduce overall property tax burdens in the state.

via The Texas Tribune|

#homestead-exemption #politics #property-tax

politics5 months ago•5 min saved

Federal Reserve's Lisa Cook Cleared of Residence Violations and Allowed to Remain on Board

Ann Arbor officials found no evidence that Federal Reserve Governor Lisa Cook violated property tax rules or engaged in mortgage fraud related to her homes, despite political efforts to remove her from the Fed board. Cook's property records and mortgage disclosures do not support allegations of wrongdoing, and her legal team denies any misconduct, highlighting the political nature of the accusations.

via Reuters|

#federal-reserve #lisa-cook #michigan

world5 months ago•2 min saved

Wealthy Homeowners Face New Taxation Trends Across States

Rhode Island has introduced a new tax targeting luxury second homes valued over $1 million that are unoccupied for more than half the year, which will significantly increase the property tax bill for Taylor Swift's $28 million estate, adding approximately $136,000 annually. The law aims to fund local services but has faced criticism for penalizing wealthy homeowners and potentially discouraging luxury tourism.

via SheKnows|

#luxury-real-estate #property-tax #rhode-island-tax

world6 months ago•4 min saved

Zelensky's Style Shift: From Olive Drab to Formal Suit

Ukrainian President Zelensky attended a White House summit with Donald Trump, with headlines highlighting his change in attire and the positive tone of the talks, which focused on security aid for Ukraine. The summit's coverage also includes discussions on potential new property taxes in the UK, ongoing Ukraine conflict tensions, and political developments in the UK, all amid a backdrop of international and domestic political maneuvering.

via BBC|

#property-tax #trump #ukraine

politics1 year ago•5 min saved

Mayor Johnson Postpones Chicago Budget Vote Amid Tax Hike Proposals

Chicago Mayor Brandon Johnson has delayed the final vote on the 2025 budget to Monday, as his proposal, which includes a $68.5 million property tax hike and other fee increases, lacks sufficient support in the City Council. The budget aims to address a $982 million spending gap but has faced opposition due to its tax hikes. Johnson's administration must pass a budget by the end of the year to avoid financial disruptions, but some alderpeople are pushing for workforce cuts instead of tax increases.

via Block Club Chicago|

#brandon-johnson #budget #chicago

politics1 year ago•3 min saved

Mayor Johnson Delays Chicago's 2025 Budget Vote Amid Financial Struggles

Mayor Brandon Johnson plans to delay the vote on Chicago's $17.3 billion 2025 budget due to insufficient support in the City Council, risking a potential city government shutdown. The budget proposal includes a $68.5 million property tax increase and additional taxes and fees totaling $165.5 million, but fails to address a $337.4 million budget gap. Johnson's approach has faced criticism from both progressive and conservative council members, and if a budget deal isn't reached by December 31, the city could face an unprecedented crisis.

via WTTW News|

#brandon-johnson #budget #chicago

politics1 year ago•5 min saved

Mayor Johnson Faces Criticism Amid Tense Chicago Budget Talks

Chicago Mayor Brandon Johnson is negotiating a budget deal to reduce a proposed property tax increase to $68.1 million, down from an initially proposed $300 million. The compromise involves eliminating certain programs funded by federal pandemic relief, such as guaranteed basic income and small business assistance, and restoring police vacancies to comply with a federal consent decree. The plan also includes maintaining a garbage collection fee freeze and scrapping a proposed liquor tax increase. The budget aims to secure 26 City Council votes for passage, with discussions ongoing about alternative revenue sources and budget reforms.

via Chicago Sun-Times|

#budget #chicago #city-council

politics1 year ago•11 min saved

Mayor Johnson Faces Backlash Amid Chicago Budget Turmoil

Chicago Mayor Brandon Johnson's proposed 2025 budget, which included a $300 million property tax hike, faced immediate backlash from the City Council, including from his allies, leading to its rejection. The proposal's failure has raised questions about the ability of progressives to govern effectively and has left the city scrambling to find a budget solution before the year's end. The situation is further complicated by internal city government issues and the need to address a significant budget gap without resorting to layoffs or service cuts.

via WTTW News|

#budget #chicago #city-council