Bloomberg calls for tax hike after Wall Street collapse

New York City Mayor Michael Bloomberg is looking to property owners to help defray the city's losses following Wall Street's recent meltdown. Bloomberg has proposed a 7 percent hike in property taxes,

News 12 Staff

Sep 22, 2008, 11:37 PM

Updated 5,720 days ago

Share:

Bloomberg calls for tax hike after Wall Street collapse
New York City Mayor Michael Bloomberg is looking to property owners to help defray the city's losses following Wall Street's recent meltdown.
Bloomberg has proposed a 7 percent hike in property taxes, starting Jan. 1, that will hit owners of homes, condos, co-ops and commercial real estate. The hike, Bloomberg says, is in an attempt to restore at least some of the funds that would have previously come from now downtrodden financial firms.
The proposed increased property taxes would restore $600 million of the $2.3 billion deficit Bloomberg projects for fiscal year 2010.
This is the first of many plans that will undoubtedly emerge as the city looks to clean up damages from its financial shortfall. Bloomberg, meanwhile, challenges anyone running for city office to make their own stands known on balancing the budget.


More from News 12
1:59
State police: 2 dead in I-80 crash involving jackknifed tractor-trailer in Hackensack

State police: 2 dead in I-80 crash involving jackknifed tractor-trailer in Hackensack

2:18
STORM WATCH: Summerlike today in New Jersey ahead of thunderstorms on Thursday

STORM WATCH: Summerlike today in New Jersey ahead of thunderstorms on Thursday

1:30
Police: Man shot at Glen Rock’s Wilde Memorial Park

Police: Man shot at Glen Rock’s Wilde Memorial Park

0:33
Lauryn Hill's classic 'Miseducation' album tops list of best albums of all time

Lauryn Hill's classic 'Miseducation' album tops list of best albums of all time

0:23
Biden releasing 1 million barrels of gasoline from New Jersey, Main reserve in bid to lower prices at pump

Biden releasing 1 million barrels of gasoline from New Jersey, Main reserve in bid to lower prices at pump

0:22
Prosecutor: Remains found in Ridgefield Park creek identified as man who went missing in 1982

Prosecutor: Remains found in Ridgefield Park creek identified as man who went missing in 1982

New Jersey State Police 'never meaningfully grappled' with discriminatory practices, official finds

New Jersey State Police 'never meaningfully grappled' with discriminatory practices, official finds

0:32
Local community supporting 'Miracle of Morristown' woman who needed leg amputation after falling onto train tracks

Local community supporting 'Miracle of Morristown' woman who needed leg amputation after falling onto train tracks

0:24
Airbnb crackdown ahead of Memorial Day weekend to prevent ‘disruptive parties’

Airbnb crackdown ahead of Memorial Day weekend to prevent ‘disruptive parties’

1:31
36th Fleet Week kicks off in NYC with Salute to Ships at Fort Hamilton

36th Fleet Week kicks off in NYC with Salute to Ships at Fort Hamilton

1:31
What's Cooking: Uncle Giuseppe's Marketplace's spring frittata

What's Cooking: Uncle Giuseppe's Marketplace's spring frittata

1:21
Law allowing over-the-counter birth control now in effect in New Jersey

Law allowing over-the-counter birth control now in effect in New Jersey

0:39
DOT: Route 71 Bridge connecting Belmar to Avon-By-The-Sea expected to open May 31

DOT: Route 71 Bridge connecting Belmar to Avon-By-The-Sea expected to open May 31

1:31
Grill fire destroys Howell Township home; family escapes unharmed

Grill fire destroys Howell Township home; family escapes unharmed

0:44
Jersey Proud: Kinnelon woman cleans up cemetery ahead of Memorial Day

Jersey Proud: Kinnelon woman cleans up cemetery ahead of Memorial Day

0:45
Paterson holds special event to honor city’s senior citizen residents

Paterson holds special event to honor city’s senior citizen residents

2:06
Vandals steal American flags placed on veterans' gravesites at Neptune cemetery

Vandals steal American flags placed on veterans' gravesites at Neptune cemetery

0:26
Newark police: Queens man accused of filming himself driving recklessly

Newark police: Queens man accused of filming himself driving recklessly

0:40
Authorities seek public’s help solving deadly shooting in Warinanco Park

Authorities seek public’s help solving deadly shooting in Warinanco Park

0:48
Police: 1 man charged, 1 on the run in gunfire exchange in Roselle that caused school lockdown

Police: 1 man charged, 1 on the run in gunfire exchange in Roselle that caused school lockdown