Results tagged “propertytaxhike”

The City Council approved Mayor Bloomberg's plan to increase homeowners' property taxes by 7%, in a 33-to-18 vote, which the NY Times calls "a close one by City Hall standards." Clearly, many Council members, like Bill de Blasio who said, "I honestly believe we have no other choice. I salute the courage of my colleagues today," supported the measure, a few were critical. Councilman Simcha Felder said, "Today, the Council votes to take the bucket to the same old well and ask homeowners to bear the brunt of a swelling budget among dwindling revenues...I believe that is unacceptable and that will hurt all New Yorkers in this difficult time.” City Council Speaker Christine Quinn pointed out that the $400 property tax rebates, which the Mayor agreed to send out, could be used to pay for the increase in property taxes. Um, great.

Mayor Bloomberg wants city residents--and his agency commissioners--to know they need to get on board with some tax hikes and slashing budgets! The Mayor reiterated that property taxes will go up yesterday, "We will raise property taxes back to the level they were a year and a half ago next June. In other words, the 7 percent reduction will just be put back in." As for any city commissioners who might feel aggrieved about cutting their budgets, Bloomberg--who also praised them for being "as good a group as anyone's put together"--said they need to "suck it up and get back to work, because that's the job and they’re going to have to do it.” So there!

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.”