Just in Time for the Holidays: Your Property Rebate Check

The $400 rebate checks are reportedly hitting the mail soon

Monday, Jan 26, 2009  |  Updated 4:22 PM EDT
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Bloomberg Speaks on Property Tax Repeal

AP

New York Mayor Michael Bloomberg has agreed to issue the $400 property rebate checks to homeowners, sources said. (AP Photo/Stuart Ramson)

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Just in time to help pay off holiday bills, New York City homeowners may get their $400 property tax rebate checks that had been threatened under city budget cuts.

     The City Council was expected to leave the rebate program alone while voting for other budget sacrifices on Thursday.
    
Council members are considering a set of changes to the budget as Mayor Michael Bloomberg tries to guard against the effects of an economic slowdown.
    
The spending cuts and tax hikes include a property tax increase of 7 percent and a new hotel tax increase of 0.875 percent. The city faces deficits of more than $1 billion next fiscal year and multiple billions in future years.

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