City Council proposes property tax hike, but tells BX residents to focus on the positives
Bronx residents are potentially going to see an increase in their property tax bills, but the City Council is trying to remind them it could be worse.While the council could raise taxes by as much as 5 percent, it is only suggesting a 2 percent increase. It would mean an average savings of $90 for Bronx residents. To make up the difference, the City Council proposed hitting up businesses and utilities for more. The City Council says the proposal would mean $127 million in tax relief for co-op, condo and single-family home owners.One City Council member says that even though Bronx residents will benefit next year, they are still waiting for larger property tax breaks promised after the post-September 11 tax hike.