Mayor Spurns a Tax Increase for the City
January 17, 2008
Defying expectations that the city would increase property taxes to help close a projected $3.1 billion budget gap, Mayor Bloomberg will argue today that the budget can be balanced without the pain of a tax hike.
In his annual State of the City address, Mr. Bloomberg will propose extending the 7% property tax cut he instituted last year, initially presented as a one-time bonus, an aide familiar with the speech said.
Mr. Bloomberg also will call for an extension of a $400 property tax rebate for homeowners, the aide said.
Backing away from a property tax increase as the city heads into an uncertain fiscal period may be seen as a sign Mr. Bloomberg is attempting to differentiate himself from the Democratic presidential candidates in advance of a possible White House run, and to avoid being characterized as a politician who would rather raise taxes than find savings in the city’s budget.
“The mayor always said that we have to keep a constant eye on whether we can afford these tax cuts and, based on where were are right now, they’re still alive and moving forward,” a source who said he is familiar with the mayor’s thinking and the speech’s content said. “The mayor feels that he can propose this in part because when the storm clouds were still distant on the horizon he started making hard calls about cutting government spending.”
Source: NY Sun Read the full story here
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