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• Jan 17, 2008 8:14 am US/Eastern
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  Bloomberg To Announce Property Tax Cut

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Bloomberg To Announce Property Tax Cut

Despite Economic Slowdown, $400 Rebate Check On The Way For Homeowners

NEW YORK (CBS) ― Money matters are at the top of the agenda of Mayor Bloomberg's state of the city address later today. Despite a troubling economic outlook, property tax rebate checks are expected to still be in the mail.

With inflation reaching its highest point in 18-years and the possibility of the country heading to its first recession since shortly after the September 11th attacks homeowners in East Elmhurst are worried.

"It's gonna get worse before it gets better," said Pat Thorpe.

Added Carlos Castro: "(It's) not doing good. A lot of people are losing their jobs."

But despite the economic doom and gloom, when Mayor Bloomberg delivers his state of the city this afternoon in Flushing, his aides say he plans to continue a $1 billion property tax cut for the second straight year.

The mayor intends to give the owners of one-, two- and three-family homes another $400 rebate check this year.

And everyone else, from co-op and condo owners to those who own commercial real estate, will see a continuance of the 7 percent property tax cut enacted last year.

Mayor Bloomberg has often talked about multi-billion dollar budget gaps looming on the horizon, but aides say he has decided the city's financial ground is stable enough to hold another round of the cuts that were introduced last year.

Just because the tax cut will be included in the preliminary budget plan does not mean it is a certainty; any proposal must make it through negotiations with the City Council. Mayoral aides also said it was contingent on how much aid the city gets from the federal and state governments.

All this largesse to the taxpayer can't hurt his possible presidential aspirations. Bloomberg is planning trips to Texas and California this weekend - two delegate rich states, but his aides say it is strictly government business.

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(© 2008 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)