Despite being just one of the entities that collects property taxes, Nassau County is responsible to pay out 100% of tax refunds. Left unchecked, this system has led to $2 billion in debt to Nassau County. I am pleased to announce two reforms that will eliminate debt.
1) Commercial Reform: The County has created an escrow account collected from commercial taxpayers to pay refunds without accruing debt. Additionally, the County now requires all commercial property owners to provide detailed financial data before assessments are created allowing for a more accurate assessment roll.
2) Residential Reform: The County now settles resident grievances before tax bill goes out eliminating overpayment and refund debt. Residents pay the correct taxes and don’t have to wait for a refund.
These reforms will save taxpayers $100 million in new liability each year.