NEW YORK, NY January 17, 2008 —Mayor Bloomberg plans to keep some popular tax breaks in next year's budget. WNYC's Bob Hennelly has more.

The economic forecast may be grim, but Mayor Michael Bloomberg still hopes to deliver a 7% property tax cut across the board, for the 2nd consecutive year.

The mayor will also endorse another round of $400 property tax rebate checks for next year. All told, the price tag for tax relief is expected to approach $1.25 billion.

The mayor will add the caveat that delivering on the tax relief will be contingent on both state and federal aid to the city coming through as projected and on how the overall economy fares.

The administration will commit to offset the tax relief with spending cuts and increased efficiencies across the city bureaucracy.

Bloomberg's address comes as both Wall Street and the city's real estate market navigate the effects of the mortgage crisis that's pounded the banking sector. For WNYC, I'm Bob Hennelly.