Bloomberg, Council debate property tax

June 25, 2008 11:31AM

Mayor Michael Bloomberg and the City Council are arguing over property tax hikes and remain far from reaching a deal before the July 1 budget deadline. Bloomberg wants to roll back the property tax by 7 percent, while council members instead want to increase the city’s hotel tax from 5 percent to 8 percent. Bloomberg said this increase would hurt tourism. The Independent Budget Office reported in May that Bloomberg may be overestimating the city’s financial trouble, and New York could end the year with a $4.6 billion surplus.

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