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Largest Property Tax Increase In New York City History

Politics

On December 2, 2002 New York City Mayor Michael Bloomberg signed legislation for the largest property tax increase in the city's history. The 18.4% increase is to help make up a $1.1 billion shortfall in the current fiscal year and $6.4 billion projected deficit for the next fiscal year.

Driven by the national recession and poorly performing financial markets, the city's financial problems were also exacerbated by the World Trade Center attack. In his original proposal the mayor called for a 25% increase.

Source: CNN

Posted:  2002-12-02  8:55:21 PM

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