Bloomberg Wants Immediate 7 Percent Property Tax Hike

Mayor Bloomberg wants to immediately raise the property tax rate by 7 percent, rescinding a cut made last year, as the city projects a $4 billion budget shortfall over the next year and a half.

The announcement came at today's noon mid-year budget modification annoucement, where the mayor laid out proposals for cuts, including slashing $180 million from the Department of Education, canceling a whole class of police cadets, and cutting the city workforce by 3,000 positions (details on the cuts here in the press release and here in the mayor's slide show).

"At the end, everybody is going to be a little bit disappointed; a little bit unhappy," Mr. Bloomberg said at a news conference.  read more »

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