Property tax rebates survive budget cuts

December 18, 2008 3:20:07 PM PST
Just in time to help pay off holiday bills, New York City homeowners will get their $400 property tax rebate checks that had been threatened with disappearance under city budget cuts. The City Council spared the rebate program and approved other fiscal sacrifices on Thursday.

Council members voted for a set of changes to the budget as Mayor Michael Bloomberg tries to guard against the effects of an economic slowdown.

The spending cuts and tax hikes, including a property tax increase of 7 percent and a tax hike on hotel rooms, come as the city faces deficits of more than $1 billion next fiscal year and multiple billions in future years.