Real estate taxes have topped $29 billion this year, about $1.5 billion more than was expected last summer. While this seems like good news for the budget, it really isn't: Newsday reports that the 2007 budget has a "$3.5 billion hole in it." And City Comptroller William Thompson notes that outstanding issues that haven't been addressed in the budget are NYPD & NYPD contract negotiations and the need to fund city's schools, based on the multi-billion ruling by a judge last year. Plus, the Independent Budget Office thinks that this hot real estate tax streak is over.
In other property tax news, the city is rolling back some tax increases affecting Harlem homes after much lobbying from area residents and politicians. In one case, one woman's taxes for a brownstone went from $1,800 to $18,000 which does sound pretty insane and ulcer-inducing. The NY Times said that the news was greeted with gasps; Gothamist hopes they were happy, relieved gasps.