Kiss that tax break goodbye

New Yorkers could see their tax bills rise next year if Mayor Bloomberg decides to roll back a 7% property tax cut and end a $400 property tax rebate for homeowners to help close a projected $3.1 billion budget gap in the city.

City Is Facing Big Hike in Property Tax

Returning the property tax to its earlier level would give the city about $1 billion extra in revenues. Ending the rebate would save another $256 million.

Fiscal policy experts say the rebate could be on the table as the mayor sizes up the city's budget in preparation for his annual State of the City address next Thursday and his subsequent presentation of budget plans for next year. The Bloomberg administration could be eyeing an end to the property tax relief as well.