City Council might end property tax cut

The City Council may have to eliminate the 7 percent property tax cut
it had planned for next year. The Financial Control Board projected
that ending the cut will raise more than $1 billion in extra funds in
each of the next three years, but will still leave the city with an
estimated $12.6 billion budget gap. Earlier this month, the Post reported that increasing property assessments would raise tax revenues by an average of $171 per city resident this year.