Mayor Michael Bloomberg said he’d work with the City Council on the property tax rebate controversy. Well, he has been good to his word and the results are likely to make every property owner smile this holiday season.

WCBSTV reports that a deal has been struck between the mayor and the City Council to reinstitute the $400 property tax rebate. As part of the deal, property taxes will go up 7 percent in January.

In addition, WCBSTV has learned a deal has been reached to hire 250 police officers from both the January and July NYPD Academy graduating classes. The mayor had said the city was planning on eliminating 1,000 cops due to the massive budget problems..

Both proposals will be voted on by the City Council on Thursday.