Bloomberg Floats Property Tax Hike

Mayor Bloomberg said the city may need a 7% property tax increase to deal with the city's projected deficit--which will probably grow due to the poor economy. The NY Times reports that the Bloomberg administration has been "considering" the hike (which would mean $600 million in revenue) and notes how an "estimated 10% of the city's tax revenues come from Wall Street." The Mayor said yesterday, "I think the solution is a combination of expense reduction, which nobody is going to be happy about, and revenue enhancements, which nobody is going to be happy about. This is not going to be a feel-good time.”

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By Jen Chung in News on September 23, 2008 11:00 AM

Comments [rss]

contro

He's doing it fer the LULZ! Cause when you manhateners can't afford to live in your apartments I is gonna takes over.

KiljoyWasHere

how can a mortgage crisis be solved by a property tax?

breaknight

I love it when billionaires warn direly that "thisis not going to be a feel good time". Yeah, for us. While you light cigars w/$100 bills in your brownstone.

handsomedevil

Just raise the city income tax on the high end. A lot of those people are finance types, who deserve it, and the rest are liberals anyway so they'll go along.

From what I understand, the taxes on our Brooklyn co-op went way up during the period of "property tax reduction," because the real estate bubble increased our property value significantly. Now that the bubble is bursting we'll still have to keep paying. Thanks again, assholes.

And I love how he won't get rid of the yearly $400 bribe, I mean rebate.

TK

ides - sounds like soros, kramer, corzine, paulson and any number of billionaires that have made money on the street while destroying the little people along the way

fugothamist

goddam unions

Snoopy

Let's see? A need for an extra 600 mil. Bloomberg is worth approximately 20 bil. 20 bil divided by 600 mil is 33.3. So if Bloomberg wants to leave a legacy to New Yorkers, he can pick up the tab for the next 33.3 years.

ides_of_march

Another reason to pack up and move to a state where they don't tax you to death.

For a successful capitalist, Bloomberg has quite a socialist streak.

EastRiver

Remember, it's your patriotic duty to pay more in taxes.

JacqueMehoff

this is gonna hurt the little guys. the big guys got their tax abatements locked in.

re-instate the commuter tax.

camarilla

eyekantspel & babyhitler

SECONDED.

kissel

Bloomberg, don't let the door hit you on the way out. good riddance. Why cant you cut goddamn spending in this city?! you take in more revenue than 3/4 of the states in this country combined. how many more people are you going to chase out of the city. and by the way, you renters will pay this too when it is rolled into your lease.

Rocknrope

You all wanted to know how the crisis on Wall Street is going to effect your life? Here you go! Who's going to organize the torch and pitchfork party to Greenwich, CT?

TK

Hey that's a nice waterfall behind ya... how much that cost?

babyhitler

WTF!!!! So you want to punish the taxpayers who actually saved money to buy a home with a bigger tax increase and reward the fucking ibankers who privatized profits for themselves and socialized the losses that are now subsidized by the taxpayers? The losses which were a end result of them leveraging mortgages to poor people who couldn't afford houses in the first place. It's like the middle class are getting screwed by poor people and rich people at the same time like a goddamn kebab. It's not a good porn movie. It's more like the 2 girls 1 cup of economic maneuvers.