THE BROKEN ASSESSMENT SYSTEM
Nassau, like other counties and states, is facing significant fiscal challenges; however, our challenges are amplified when compared to neighboring counties, due to its broken property tax assessment system. This system not only produced errors annually when assessing 418,000 properties, but it also forced residents to overpay their taxes as it did not correct assessments before demanding payment.
Financial problems compounded as Nassau County stood alone in the State as being the ONLY County to pay back taxes collected in error by schools and other local governments. Imagine collecting 17 cents on the dollar in taxes, yet returning the whole dollar when an error was made. Obviously, this is a recipe for disaster. In this case, it resulted in the County borrowing $1.6 billion that is now owed by Nassau taxpayers.
MANGANO’S SOLUTIONS THE ASSESSMENT SYSTEM
County Executive Mangano:
- Ended the practice of borrowing against our children’s future by advancing a plan – developed in consultation with Nassau County Interim Finance Authority (NIFA) – to pay off the $1.6 billion in debt without raising property taxes.
- Froze assessments for four years – just as the majority of assessing jurisdictions throughout the state do as well.
- Ended the practice of returning money the County never received initially.
- Save $28 million annually through settlement program and reduced taxpayer liability by 93%.
- Encourage grievants to settle complaints prior to issuing an assessment roll and demanding payment.
- Nassau County’s assessment system now has a path to recovery thanks to County Executive Mangano.