Bloomberg expected to retain property tax cut, rebate

Mayor Michael Bloomberg will reportedly announce today that his administration will maintain a 7 percent property tax cut and the annual $400 rebate to small homeowners, despite a $2.7 billion budget gap. “I have a feeling he knew he would suffer a great deal of resistance,” said City Councilman Lew Fidler, a Brooklyn Democrat. As The Real Deal reports in this month’s issue, brokers say any increase in real estate taxes could dissuade buyers at a time when the market is at a crossroads.