City Council members are banding together to protect property tax cuts in next year’s budget from being revoked whether 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…

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