The city has filed a federal lawsuit against Nigeria over allegations that the nation's government owes the city millions in back real estate taxes. According to the suit, the African country failed to pay taxes for commercial office space and other non-tax exempt spaces in its 22-story Second Avenue building, known as the "Nigeria House," the Post reports. more ›

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.” more ›