County Executive Edward P. Mangano today was joined by Association for a Better Long Island (ABLI) Executive Director Desmond Ryan, who publicly supports Mangano’s plan to abolish the County Guarantee.
Nassau’s broken property tax assessment system is responsible for bringing the County to the brink of bankruptcy. Earlier this year, the Legislature passed County Executive Mangano’s reform plan to freeze assessments and fix the broken property tax assessment system that wastes $250 million a year and has resulted in $1.6 billion in debt and outstanding liabilities.
“For far too long, residents and employers have paid high property taxes to fund a broken property tax assessment system that lines the pockets of special interest groups with tens of millions of dollars at the expense of every single taxpayer,” said Mangano. “It’s time to end this practice which has been bankrupting our County and borrowing against our children’s future.”
Building on reforms from earlier this year, Mangano’s Proposed 2011 No Property Tax Increase Budget includes a provision to end the County Guarantee which requires the County to pay back not only its share of property tax refunds, but the school district and town share as well. Nassau County is the only county in the United States of America to provide the “County Guarantee.”
“This 60 year-old free pass for the school districts is propelling Nassau County into fiscal disaster for the second time in a decade,” said Ryan. “School districts need to take full control of their finances and stop their runaway spending, just like the Nassau County taxpayer is doing these days.”
The County Executive’s plan requires schools and towns that receive tax dollars in error, to pay back those tax dollars. This plan does not take effect until 2013, thereby allowing over two years for the reforms passed earlier this year to take effect and reduce liability for all.
“By 2013, the elimination of the ‘County Guarantee’ will save Nassau County taxpayers $80 million per year, completely end borrowing to pay refunds, and will have minimal impact on school districts,” said Mangano. “My administration is ready to assist school districts over the next two years with cost saving measures to eliminate any impact they may face as a result of my reforms.”
Mangano’s reforms will not cost school districts one penny. Instead, these reform plans will reduce taxes for homeowners and employers who are struggling to make ends meet.
Facts on the “County Guarantee”:
For more information on Nassau County Executive Ed Mangano’s reform plan, or to read about news throughout the County, please visit www.nassaucountynewsnetwork.com.