Bloomberg announces property tax roll back during State of the City address
Mayor Bloomberg announced during his State of the City address Thursday that Bronx and city homeowners will receive a roll back in property taxes. It was just a little more than a year ago that an 18.5 percent property tax hike, proposed by the mayor and supported by the city council, was approved. The push for the hike was intended to close a huge budget gap. Since then, the mayor's popularity in the polls has sharply declined. The mayor's plan will include a $250 million property tax roll back for owners of co-ops, condos and one to three family homes. About 600,000 taxpayers will receive a $400 payment as part of the plan. The rebates Bronx and city homeowners will see are a one time deal. Bloomberg is also expected to talk about a possible phase out of last year's sales and income tax hikes, in the Bronx and citywide by 2005. The city must still deal with a $2 billion budget gap for the fiscal year beginning July 1. In addition, the mayor also spoke about pouring millions into Bronx parks and the riverfront. He says the Fulton Fish Market will be bringing economic growth to the area.
Bronx Borough President Adolfo Carrion Jr. said although he did not hear much in terms of new initiatives from the mayor, he did hear a lot about job creation, which is especially important to the Bronx.
Click here to view the mayor's entire speech.