Bloomberg OKs property tax cut for another year

Mayor Michael Bloomberg, in a budget update, said the city’s finances are stable enough to extend a 7 percent property tax cut and $400 property tax rebate for one more year, but not longer than that. Earlier this year, economic uncertainty prompted Bloomberg to say the $1 billion tax cut that took effect last year might not survive. The city still needs to plug a $10.3 billion budget deficit in 2012.