The Taxi and Limousine Commission is mulling hiking taxi fares later this summer, and now we know by how much exactly. The TLC has put its proposed changes to its fares [PDF] and medallion leases [PDF] online for you to peruse before a public hearing on Monday, July 9 and a final vote on July 12.

So what are they thinking? Well, to start the TLC is proposing a 17 percent jump in fares. The initial charge would still be $2.50 but the units of increase for every 1/5 mile or 60 seconds under 12 MPH would go from $.40 to $.50. The other big hike would be in the flat fare between JFK from Manhattan, which is currently $45 and would go up to $52.

The other changes are more for drivers and fleet owners. The TLC is proposing to set aside $.06 per trip for health care and disability insurance costs. It also now proposing a change that would allow drivers to avoid processing fees on credit card transactions while also making them pay $9 more per 12-hour shift in a rented fleet cab.

So will the hike happen? Is the New York the center of the universe? As TLC Chair David Yassky has pointed out, there hasn't been a full-on taxi rate hike since 2006. And at least this one won't be the 20 percent hike initially threatened!