Bloomberg's revised budget calls for tax rebates and funds for lead paint law

Mayor Michael Bloomberg released his revised $49.6 billion spending plan Monday. His plan calls for property tax rebates for homeowners and for funds to be set aside for the tax abatement law.

Bloomberg's $400 property tax rebate is being met with opposition from City Council Speaker Gifford Miller. Miller has offered his own plan that would give homeowners less money back. In addition, $100 million will be set aside for the city's new tax abatement law.

The mayor's proposal also includes $200 million for increasing Medicaid costs, $200 million for public hospitals including Jacobi and Lincoln hospitals, and about $150 million for the MTA as it takes over private bus lines.

The revised budget proposal must be approved by the City Council before the city's 2005 fiscal year begins July 1.

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