Homeowners will get $400 rebate checks but their property taxes will rise under a preliminary budget deal hammered out Wednesday between Mayor Bloomberg and the City Council, Council aides said Wednesday night.
The deal will raise taxes on city hotel rooms, sources said, while restoring small Police Academy classes of 250 rookies instead of the usual 1,000 in January and July.
The Council is expected to vote today to rescind a 7% property tax cut in place for two years, raising $576 million in the six months left in the current budget year.
The $400 rebate checks will be mailed to 640,000 homeowners, costing the city $256 million.
Rebate checks may be in mail, but at a cost