Property tax rebates survive budget cuts

NEW YORK 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.

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