Hope Those Property Tax Rebate Checks Aren't Spent Yet

Yes, this was noted yesterday, but the reality is sinking in this morning. You know those $400 property tax rebates everybody loves and uses to buy iPods? Kiss them goodbye. Mayor Bloomberg said yesterday he "would immediately halt" the rebate and that he'll be raising income taxes by up to 15 percent. This may or may not be part of his strategy to win a third term in office, but it's definitely related to the projected $4 billion budget deficit that may hit the city. Reactions can be described as something less than joyful. So, income and sales taxes could go up $900 million and property taxes are also going up 7 percent. Added reasons for joy across all five boroughs: The NYPD is looking for an extra $60 million in traffic summonses from 234 new traffic agents. Publiic libraries will only be open 5 1/2 days a week. Parking meeter fees south of 60th Street are going to double. Also: 3,000 job cuts. Cutting the property tax rebate will save $256 million. The Mayor will send out the checks again if Wall Street stops imploding. Yes we can!
· Mayor Cancels Rebates for Homeowners [NYT]
· $preading the Pain [NYP]
· Mayor Michael Bloomberg: New York City may be forced to raise taxes [NYDN]For more stories from Curbed, go to curbed.com.