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.
Sign up for Essential California
The most important California stories and recommendations in your inbox every morning.
You may occasionally receive promotional content from the Los Angeles Times.
