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Bloomberg Floats Property Tax Hike
By
Jen Chung
Published Sep 23, 2008
Modified Sep 23, 2008
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By
Jen Chung
Published Sep 23, 2008
Modified Sep 23, 2008
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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.”
Tagged
budget
city deficit
mayor bloomberg
property tax
property tax hike
tax revenue
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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