Bloomberg says he will try to preserve property tax cut

Mayor Michael Bloomberg, in his state of the city address, said he was “committed” to keeping a property tax cut in place for a second year, but he warned that “the economy appears headed for difficult times.” Despite huge projected deficits, Bloomberg called for retaining a $400-a-year property tax rebate and 7 percent property tax deduction, saying that homeowners “need continued tax relief.” The plans depends on “a variety of factors unknown today,” he said, such as the economy’s stability and state and federal aid. [Reuters] and [NYT]