City Homeowners Receive Rebate Checks

Property tax rebate checks for $400 are in the mail for 626,000 homeowners in the city and owners may already be receiving them. This is the fourth year homeowners have collected the $400 rebates, which will continue through 2009.

The city cut the property tax rate by 7% for the tax year beginning on July 1, 2007, which is expected to save homeowners $92 on average. In 2002, Mayor Bloomberg pushed through an 18.5% property tax increase after coming into office to cover soaring deficits.