For years, New York City’s property tax system has been a source of frustration for homeowners, renters, and businesses alike. It is widely regarded as opaque and inequitable, disproportionately benefiting some property owners while placing heavier burdens on others. In February 2025, Mayor Eric Adams testified before Albany lawmakers during the annual budget hearing, commonly known as “Tin Cup Day,” where he once again acknowledged the need for reform. But for those who have followed Adams’ tenure, this is far from the first time he has made such promises.
A History of Promises
Mayor Adams has long acknowledged that the city’s property tax system is unfair. When he first ran for office in 2021, he campaigned on a promise to tackle tax inequities, stating that the system was “fundamentally unfair” (link) and vowing to shift the tax burden off of middle-class homeowners and renters in less affluent neighborhoods.
Upon taking office in 2022, Adams pledged to convene a committee to develop real solutions to address the problem. “We can’t continue with a property tax system that’s making life unaffordable for so many New Yorkers,” he stated in March 2022. However, as time passed, no formal committee was established, and by early 2023, his administration stated that they were still in the process of “developing updated recommendations.”
In the meantime, Adams supported stopgap measures such as the $150 property tax rebate for homeowners, which provided temporary relief but did not address the underlying structural issues of the system. Throughout 2023 and 2024, calls for comprehensive reform continued from City Council members, comptrollers, and advocacy groups, but no major legislative changes were proposed.
February 2025: The Latest Commitment
During his February 2025 testimony before state lawmakers, Adams reiterated his commitment to reform, stating, “We have been really banging our heads against the wall to fix a broken property tax system… 40 years [and] everyone kicked the can down the road.” He acknowledged that the system has disproportionately impacted working-class communities, particularly in areas like his own Bedford-Stuyvesant neighborhood.
Senator Sepúlveda also pointed out that 70% of New York City residents would benefit from property tax decreases, while 30% would see increases—but gradually. This statement underscores the challenges in implementing reform, as any adjustment to the system must address disparities while preventing sudden tax hikes that could impact certain property owners.
Adams also referenced the ongoing legal battle over property tax equity. The lawsuit he alluded to is the Tax Equity Now NY (TENNY) lawsuit. That case is currently proceeding in the New York State Supreme Court, and depending on the outcome, it could force changes to how property taxes are assessed.
Will 2025 Be the Year for Reform?
Despite repeated promises from multiple mayors over the years, comprehensive property tax reform has remained elusive. The issue is complex, requiring both city and state cooperation to implement changes. Any reform efforts would need to balance the interests of homeowners, renters, commercial property owners, and the city’s revenue needs.
As Albany legislators wait for Adams’ proposal, it remains to be seen whether this latest round of commitments will lead to real action. For now, property owners across the city are watching closely to see if 2025 will finally bring the long-discussed changes—or if, once again, reform will be left for another administration, or the courts, to address.