NYC to Reduce Property Tax Rate and Continue Property Tax Rebate Program for Homeowners

Mayor Bloomberg and the City Council announced an agreement on the Fiscal Year (FY) 2008 New York City Budget. The $59 billion budget includes $1.3 billion in property, sales, and small-business tax cuts, including a property tax rate cut rate of 7% for the coming year.

These tax cuts are in addition to the $256 million in $400-per-homeowner tax rebates requested by the City and approved by the State Legislature last week. The city has been sending $400 reebate checks to homeowners for the last few years.