New York City to collect $1.5 billion more in taxes by June than expected

New York City is expected to collect $1.5 billion more in real estate taxes this fiscal year than expected, according to the Independent Budget Office.

The city?s red-hot real estate market extends through The Bronx. So, does this mean Bronx residents can expect more money spent on things like schools and street repairs? Not necessarily says the IBO. It predicts a $3.5 billion hole in the budget in 2007.

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