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Syracuse Mayor Ben Walsh has proposed a 2% increase in property taxes as part of his $348 million budget plan for the 2025-26 fiscal year. Announced on Monday (April 9), the proposal aims to address rising costs and declining revenues. The Common Council is expected to vote on the budget by May 8.
The proposed tax hike would result in an additional $57 annually for a home assessed at $100,000. Mayor Walsh cited increased expenses, such as retirement payments and health insurance, alongside a slowdown in sales tax and investment income, as reasons for the hike. The city plans to draw $27.2 million from its $120 million savings fund to avoid further financial strain.
In addition to the property tax increase, Walsh has proposed a 2% rise in water rates, equating to about $5 more per year for typical residential customers. Sewer rates will remain unchanged.
The budget proposal also includes new funding for housing and aims to enhance city services, including sanitation and youth job programs. However, the mayor expressed concern over tight finances affecting housing initiatives, with funding for the city’s housing strategy implementation reduced to $1 million from $2.5 million.
Walsh emphasized the importance of fiscal responsibility, noting that the city has experienced budget surpluses in four of the last seven years. The proposed budget would add positions to process payments for traffic fines and penalties, expected to increase due to automated school zone enforcement.
The Common Council will review the budget proposal and hold hearings throughout the month. The budget must be finalized by May 8.