Mayor Eric Adams finally released his tax returns, months after initially telling reporters he would simply release “tax information,” which would have marked a break in tradition from mayors past.
The 24-page itemized filing, released by City Hall two days before they were due to the IRS, shows Adams received a total of $245,324 in income last year — that’s between his yearly salary as Brooklyn borough president, pension, and rental income.
Adams — who filed an extension this year — had his taxes prepared on July 13, two months after he flip-flopped on whether he would commit to releasing them. His initial lack of disclosure raised questions over whether Adams would live up to his campaign promises of transparency.
The mayor also included his legal residence as Brooklyn, a topic that generated speculation during his run for mayor around his living arrangements. Adams said he lived in the basement of his two-story townhouse in Bedford-Stuyvesant, ultimately inviting reporters to tour it. The mayor, who said he had stayed overnight at Brooklyn Borough Hall during the early days of the pandemic, now lives in Gracie Mansion.
In his filing Adams claimed $3,429 in rental income from his four-unit townhouse after writing off $21,171 in insurance, mortgage interest, repairs, taxes, utilities, and depreciation expenses. The mayor also claimed $12,661 in itemized deductions, though Adams’ returns don't offer a list of those itemizations. Fabien Levy, a spokesperson for the mayor, said separate from the itemized deductions, Adams’ tax preparer — who’s listed as Edgar James in the filing — did not include $5,000 in charitable contributions to churches and food pantries since there weren’t receipts.
Adams has said past confusion over his taxes was down to his accountant at the time, who had fallen on hard times.
Friday's release continues a tradition among New York lawmakers to release their taxes after taking office. Adams’ predecessor Bill de Blasio released his taxes during his eight years in office. Billionaire former Mayor Michael Bloomberg allowed reporters to pore over redacted tax filings for several hours and in person only.
This year, Gov. Kathy Hochul released her joint 2021 tax returns on April 15, showing that she and her husband William J. Hochul Jr. received $912,179 in total income. They paid $295,001 in federal and state income taxes.
While Adams is technically not bound to the custom, he is obligated to release some of his financial information to the city’s Conflicts of Interest Board. His most recent disclosure form shows he continued to hold property in Prospect Heights despite a campaign spokesperson telling Politico last year that Adams had co-signed it to someone else and hasn’t lived there in a decade. A spokesperson said Friday he still co-owns the property.