HEAT ALERT

Heat advisory issued for Long Island through 9 p.m. Wednesday.

Mayor leaves property tax cut in 2009 budget

Mayor Michael Bloomberg believes York City's finances are stable enough to continue a 7 percent property tax cut for a second year ? but not beyond that. Bloomberg's remarks were part of his budget update

News 12 Staff

May 1, 2008, 11:44 PM

Updated 5,919 days ago

Share:

Mayor Michael Bloomberg believes York City's finances are stable enough to continue a 7 percent property tax cut for a second year ? but not beyond that.
Bloomberg's remarks were part of his budget update Thursday. A few months ago, he presented his preliminary plan for fiscal year 2009, which begins in July.
At that time, he said the $1 billion tax cut he first implemented last year might not survive another year, given the uncertain economic situation. But after holding the line on spending in the $59.1 billion budget, Bloomberg now says the property tax cut can continue.
The budget also gives the Department of Education a funding increase of about $200 million dollars in the next fiscal year.
Nearly all city agencies were asked to tighten their belts this fiscal year and next, resulting in a savings of $600 million this year and $1.3 billion next year.
Bloomberg said turbulence in the financial services sector is worrisome for the city's economy, declaring that New Yorkers "should pray Wall Street does well." New York City relies heavily on the securities industry, where wages from that sector made up nearly 25 percent of total wages in the city.
He also said the city may end up owing money to many of the major corporations that have overpaid their taxes based on previous years' numbers. The city handles that by crediting them the next time around, creating a decline in tax revenues overall.
Still, the real estate market has not slowed as much as it has nationwide, and foreign visitors have been flocking to the city's tourist destinations and high-end stores as they take advantage of the weak dollar.
Projected deficits total $10 billion over the next three fiscal years.
For Bloomberg delivering his budget speech, go to Channel 612 on your iO digital cable box and select iO Extra.


More from News 12
2:28
HEAT ALERT: Heat, humidity continue with spotty storms possible tonight

HEAT ALERT: Heat, humidity continue with spotty storms possible tonight

1:58
Lifeguards on high alert following shark sighting offshore at Lido Beach

Lifeguards on high alert following shark sighting offshore at Lido Beach

0:22
Police: Hampton Bays High School teacher had inappropriate texting relationship with student

Police: Hampton Bays High School teacher had inappropriate texting relationship with student

2:36
Local officials weigh in on Republican National Convention, Trump VP pick

Local officials weigh in on Republican National Convention, Trump VP pick

0:17
Person wanted for setting off fireworks, damaging Stony Brook home

Person wanted for setting off fireworks, damaging Stony Brook home

0:22
Police: 11-year-old boy hospitalized after being hit by car in Roosevelt

Police: 11-year-old boy hospitalized after being hit by car in Roosevelt

1:45
Wantagh native earns second trip to Olympics

Wantagh native earns second trip to Olympics

1:55
Made on Long Island: BubbleGoat in Shoreham

Made on Long Island: BubbleGoat in Shoreham

7:10
Trump picks Sen. JD Vance of Ohio, a once-fierce critic turned loyal ally, as his GOP running mate

Trump picks Sen. JD Vance of Ohio, a once-fierce critic turned loyal ally, as his GOP running mate

1:18
Long Islanders seek to stay safe from sun amid intense heat

Long Islanders seek to stay safe from sun amid intense heat

0:47
NY AG, NYCLU sue Nassau County over controversial law on transgender athletes

NY AG, NYCLU sue Nassau County over controversial law on transgender athletes

0:26
Christopher Carini, Hempstead councilman and veteran law enforcement officer, has died

Christopher Carini, Hempstead councilman and veteran law enforcement officer, has died

1:58
Video of suspect in DWI crash that killed 2 Roslyn teens shown in court

Video of suspect in DWI crash that killed 2 Roslyn teens shown in court

1:49
Huntington woman says house fire may have damaged artifacts she planned to display

Huntington woman says house fire may have damaged artifacts she planned to display

0:26
Cooling centers open in Hempstead and Riverhead amid excessive heat

Cooling centers open in Hempstead and Riverhead amid excessive heat

2:07
Dr. Sanjey Gupta offers health tips amid dangerous heat conditions

Dr. Sanjey Gupta offers health tips amid dangerous heat conditions

3:40
Long Island officials reflect on Trump assassination attempt and security concerns for future public events

Long Island officials reflect on Trump assassination attempt and security concerns for future public events

3:30
Trump heads to convention as authorities investigate motive, security in assassination attempt

Trump heads to convention as authorities investigate motive, security in assassination attempt

0:17
Police: Suspect wanted for fleeing scene of crash in Shirley

Police: Suspect wanted for fleeing scene of crash in Shirley

0:28
Police: 3 people injured following wrong-way crash in West Islip

Police: 3 people injured following wrong-way crash in West Islip