THE COUNCIL

OF
THE CITY OF NEW YORK
CITY HALL
NEW YORK, NEW YORK 10007

February 29, 2016

Honorable Melissa Mark-Viverito
Speaker
New York City Council
City Hall
New York, N.Y. 10007
Honorable Julissa Ferraras
Chairwoman
Finance Committee
New York City Council
City Hall
New York, New York 10007
Dear Speaker Mark-Viverito and Chairwoman Ferraras:
We hope this letter finds you well.
As you well know, after ending Fiscal Year 2015 with a surplus of more than $3 billion, the city
is projected to end Fiscal Year 2016 with a surplus approaching $1 billion, which would make it
the third fiscal year in a row the city has collected high-than-anticipated revenues. The
Independent Budget Office (IBO) also projects the city will also have a budget surplus in Fiscal
Year 2017, and much smaller than anticipated budget gaps in Fiscal Years 2018 and 2019.
We feel we should share some of that prosperity with homeowners by reinstating the $400
property tax rebate for owner-occupied 1-6 family homeowners for Fiscal Year 2017.
It is, without question, prudent to set aside some of the surplus we are enjoying from this
thriving economy in a rainy day fund - as the Mayor has done this current fiscal year and has
proposed in his Fiscal Year 2017 financial plan. However, even with fairly aggressive savings,
there will still be significantly more money in the tax coffers than was anticipated. Who better to
share in this largesse than those who helped create it?

Clearly, New York City has recovered from the 2008 recession, and the economy is thriving. But
as the city coffers have swelled, so has the cost of living. Many homeowners, who are senior
citizens, middle-class families, or are otherwise on a fixed income, struggle to pay property
taxes, along with the rising cost of utilities, groceries, gas and transportation. Even a modest
rebate check would provide them with some financial relief, and could be used to pay bills or go
back into the local economy.
As history tells us, the economy is fickle. That is why we ask for your support for a property tax
rebate for Fiscal Year 2017, when we are fortunate enough to be in a financial position to
provide one.
We look forward to discussing this request with you and our colleagues, as well as other ways
we can assist New Yorkers, as we begin the Fiscal Year 2017 budget negotiation process.
Thank you for your time, courtesy, and consideration.

Steven Matteo
Minority Leader, City Council

James Vacca
Deputy Leader

Mark Treyger
Chair, Committee on Recovery and Resiliency

Joseph Borelli
Minority Whip

Eric Ulrich
Chair, Veterans Committee