Council Members Pledge To Protect Property Tax Cuts

City Council members are banding together to protect property tax cuts in next year's budget from being revoked if the economy slows.

Council members James Vacca and Simcha Felder, a likely candidate for comptroller in 2009, have drafted a letter to Mayor Bloomberg urging him to keep a planned 7% rate cut and $400 property tax rebate in the budget. More than 20 City Council members have signed on to the petition, the two legislators said yesterday.

"We're asking the mayor to stay the course and not to succumb to this possible temptation in the days ahead," Mr. Vacca, who represents part of the Bronx, said.

"The point of the letter is to make a very clear statement before the budget negotiations start in earnest that real estate tax increases of any sort, of any variety, in any form are unacceptable," Mr. Felder said.

Mr. Bloomberg has warned that in next year's budget he plans to keep the lower tax rates, which have been in effect since 2003, but that they could be rescinded if the country's economy worsens. The letter says the tax cuts have "helped keep New York City as affordable as possible for hundreds of thousands of property owners, including senior citizens, immigrants, young couples, and other homeowners struggling to pay their mortgages."