Against a backdrop of a dimming economic outlook in New York City, Mayor Michael Bloomberg yesterday said he will propose extending a one-year 7% property tax cut and a $400 property tax rebate in his preliminary budget next week. But his proposal, made during his annual state of city speech, came with a caveat.

“I must warn you, adopting it will depend on a variety of factors unknown today, from the health of our economy to the continued help we get from our partners in state government to the outlook for future years after our administration has come to an end,” Bloomberg said.

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