Thursday, 25 July 2013 00:00
Or in this case two years late and $275 million short.
I am not entirely dismissive of the fact that the county administration and the legislators have finally come to a semblance of an agreement to fund and pay $60,000,000 (18 percent) of the approximate $335,000,000 in court ordered tax refunds due property owners who have been over-taxed for years. Make no mistake however, this does very little to stop the bleeding.
Despite reality, a reading of the recent press releases and letters to constituents from some of the Democratic legislators, would have the public believe that they have just invented sliced bread and saved civilization from the second coming of the black plague. Really??
First, let us get the facts straight. The county owes Nassau County property owners approximately $335,000,000 in tax refunds.
The refunds owed by the county are court ordered and indisputable. The number does not diminish by negotiations; it only increases by accruing interest charges. Many of the court orders have been sitting in the treasurer’s office since 2011 awaiting the legislature to fund payments.
So what does the legislature agree to do on this “Successful Monday”? They agree to borrow $40,000,000 and $20,000,000 out of county revenues to pay off the residential claimants and ignore the business owners who are the life blood of our economy, but who do not vote in as large a number as the residential claimants. How do Nassau Legislators expect these business owners to continue to do business in Nassau County?
As the interest on this debt grows at a rate of hundreds of thousands of dollars a month with no payment in sight, the county finds itself a day late and many, many dollars short.
Michael R. Martone, Attorney at Law