New York, NY —
After an intense debate, the City Council approved mid-year budget revisions that will raise property taxes to make up for a major drop-off in tax revenues. WNYC's Bob Hennelly reports.
HENNELLY: Several council members warned their colleagues that the seven percent property tax hike would only force more households into foreclosure. Others said not enough has been done to cut city spending. But backers of the hike said the only other choice was to cut vital services which they fear would undermine quality of life in the city. The hike will increase the average homeowners tax bill by $118 over the next six months but will raise $600 million. Also under the terms of the deal homeowners will get their $400 rebate checks. The vote was 33 to 18 and members said they were worried next year's budget will be even harder to negotiate. For WNYC, I am Bob Hennelly.