August 2, 2007Remarks by Mayor Bloomberg at a Public Hearing on Local Laws
"The first bill before me is Preconsidered Introductory Number 605, sponsored at the request of the Administration by Council Members Weprin, Felder, Fidler, Gentile, James, Koppell, McMahon, Nelson and Recchia. This legislation enables the City to continue to provide property-tax rebates to more than 600,000 homeowners in each of the next three years.
"In 2002, the City's homeowners were asked to dig down and help pull New York out of the fiscal crisis through a 18.5% property-tax increase, which was necessary to close serious budget shortfalls that we faced in the wake of the September 11th attacks. When the City got on sounder fiscal footing, we pledged in 2004 to provide tax relief to homeowners through a $400 rebate to owners of homes, co-ops and condos where owners reside in the properties they own.
"Preconsidered Introductory Number 605 extends the 2004 law for another three years, which will allow the Department of Finance to continue to seamlessly provide annual rebate checks, starting this October and again in 2008 and 2009.
"I would like to thank Finance Commissioner Martha Stark and Budget Director Mark Page and their staffs for their work on this bill. I would also like to thank the City Council for approving this legislation."