New York, NY - Increase in Hotel Tax and 7% Property Tax Signed by Bloomberg

New York, NY - Property taxes and hotel rates are set to increase after Mayor Bloomberg grudgingly signed two tax hikes into law yesterday. Property-tax bills, which were sent out over the last week and are due Jan. 30, will increase by 7 percent, to raise nearly $600 million. The spike will be offset by the $400 rebates that were mailed Friday, Bloomberg said. "The city's financial...