Wednesday, February 18, 2026-Finance Minister Mamdani has issued a stark warning to lawmakers, signaling a potential 9.5% increase in property taxes if the proposed wealth tax fails to pass. The minister emphasized that without the additional revenue, local governments could face immediate budget shortfalls that would affect essential services, including infrastructure maintenance, public safety, and education funding.
The announcement has sparked debate across the country, with both homeowners and real estate developers bracing for a potential surge in annual expenses.
Experts say the proposed wealth tax aims to generate billions in revenue from high-net-worth individuals, which could offset economic pressures without overly burdening the middle class.
However, Mamdani’s threat underscores the urgency of legislative action, as the alternative—higher property taxes—would directly impact ordinary homeowners and renters. Analysts warn that such a sharp property tax increase could slow the housing market, potentially leading to decreased real estate investment and rising rental costs.
Lawmakers now face a critical decision window, with only weeks to approve the wealth tax before fiscal planning deadlines. Advocacy groups and economic watchdogs are calling for immediate dialogue to prevent the proposed property tax hike, while citizens are voicing concern over their financial future. With both sides under intense pressure, the coming days could see rapid policy shifts, making this one of the most watched fiscal debates of the year.
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