Mangano Announces Plan to Reform and Repair Property Tax Assessment System

Will lower interest rate on commercial settlements and review freeze of 2010 tax roll

Nassau County Executive Ed Mangano today unveiled the beginning phase of his plan to reform Nassau’s broken property assessment system.

"If we do not address—and repair—the property assessment system as soon as possible, Nassau’s finances will continue to worsen," said Mangano. "That scenario is not acceptable."

Mangano signed two executive orders upon taking office which will begin to have an immediate affect on the assessment system. The plan addresses both residential and commercial properties and includes several initiatives:

• Form an Assessment Review Team (ART), comprised of residential and commercial property owners, to analyze the system and submit a report to the County Executive by June 30, 2010;
• Immediate reduction of interest rate for commercial settlements to 3% (from 4%), which saves $1 million;
• A moratorium on filing of new commercial cases for 120 days (except where there would be material prejudice to property owners);
• Improve communications and demand cooperation between county agencies that have an impact on assessment.

"This system has seen virtually no improvement in decades,” said Mangano. “Everything that can be done to alleviate Nassau County taxpayers of this enormous debt must be done."

Long-term plans include review of:

• Modifying assessment challenges from a yearly to a cyclical schedule;
• Review of lower interest rates for judgments on assessment settlements;
• Freezing tax roll for 2010

Mangano has named Patrick Foye as ART Executive Director. Foye and the team will serve in a volunteer, unpaid capacity.

"The County Executive is taking decisive action with this plan,” said Foye. “The team will meet the deadline set forth by Mr. Mangano for its report."

"Nassau is among the highest taxed counties in the nation, yet our system of property tax assessment is bringing Nassau County to its financial knees," said Mangano. "Errors have created a $1.2 billion dollar debt for assessment errors alone and another $100 million of taxpayer money will be spent for past mistakes. There is zero time left. This has to be fixed now."