Joye Brown’s column in Newsday Sunday, October 30th, inaccurately describes the circumstances of the Nassau County Interim Finance Authority’s (NIFA) decision to allow Nassau County to end borrowing in 2015 for tax refunds accumulated over the past decade.
Over the next four years, Mangano’s assessment reforms will fix the broken property tax assessment system that has generated over $1.5 billion in debt and outstanding liability. The reforms will negate the need for more borrowing and end this practice officially in 2015.
Unlike Brown, NIFA recognizes the County is implementing structural reforms that bring the County back to fiscal solvency. Paying off a decade worth of debt cannot be achieved in a single year without a massive property tax increase or borrowing. Good news for taxpayers….Mangano chose the latter.
“Residents cannot afford a property tax increase during this stagnant economy,” Mangano said. “For the second year in a row, I proposed – and the County Legislature approved -a budget that holds the line on property taxes. My plan also stabilizes County finances and brings County into structural balance in 2015 when we stop borrowing dollars to pay back property tax refunds.”
By Eden Laikin