Cash-Poor N.Y. Hikes Property Taxes 18.5%
New York City enacted the biggest increase in property taxes in its history -- an immediate 18.5% rise -- to deal with its worst fiscal crisis since it nearly went bankrupt in the 1970s.
Officials said the higher taxes are necessary to bridge a $1.1-billion budget gap in the current fiscal year, and to reduce a projected $6.4-billion deficit for the next fiscal year, which starts July 1. The city also has made $3.5 billion in budget cuts.
The crisis is attributed to the recession, a downturn on Wall Street and the World Trade Center attack, among other things.
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