No property tax hikes in New York City budget deal

June 27, 2008 08:32AM

Mayor Michael Bloomberg and the City Council have settled on a $59.1 billion budget for the next fiscal year that manages to keep in place a $400 property tax rebate and a 7 percent property tax cut. The 7 percent cut had appeared to be in serious jeopardy. Negotiations reportedly came to a standstill at City Hall just a few days before the agreement because the mayor wanted to roll back the tax cut to make up for reduced revenue, including a big drop-off in real estate transfer taxes. Council Member Lew Fidler told the Sun that the Bloomberg administration was “stomping their feet and rejecting every alternative.” 

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