Want to Raise the Property Tax? Kiss that $400 Rebate Goodbye

In more flush times, Mayor Bloomberg took two separate high-profile steps related to property taxes in the city: he lowered the tax rate by 7 percent, and he gave homeowners citywide a $400 rebate.

Now with the economic storm clouds rolling in, Mr. Bloomberg has repeatedly suggested in the past week that he might eliminate that 7 percent cut, bringing in another $600 million or so in revenue to the city.

As for the $400 rebate, which is viewed by critics as an act that emphasized buying political goodwill more than sound policy, the mayor apparently seems reticent to remove it.  read more »

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