Legislator Vincent Muscarella (R-West Hempstead), Presiding Officer Bruce A. Blakeman and Majority members of the Nassau County Legislature have announced passage of a law to save Nassau County taxpayers $5 million or more per year through the creation of a "Year-Round Assessment Review Board. The new law increases the time for property owners to file tax grievances in Nassau County and expands the time its board reviews petitions.

"Property owners in Nassau County will have an opportunity to save more than five million dollars annually by providing a 12-month review process," stated Blakeman. "We are simplifying a process for Nassau County taxpayers who are currently footing the bill that results from interest being paid on interest."

Under the old process, it had taken years to decide a particular grievance while interest accrued at the rate of 6 percent. When a decision was finally made, the county owed several years' worth of refunds and interest to the property owner in order to pay the refund and interest. In order to pay the refund and interest, Nassau County bonded that debt on which it must pay additional interest. As a result, taxpayers were left paying interest on interest.

To add insult to injury, when the county collects the real property taxes, it gives more than 80 percent of the taxes received to the school districts and towns. When the county eventually refunds a successful tax grievance, it pays 100 percent of the refund, plus 6 percent interest on the refund, plus interest on the bond.

Minority Leader Judy Jacobs (D-Woodbury) said that this legislation was also supported by the Democrats. "It should lessen the amount of money owed to people by allowing us to address (tax grievances) sooner than later," Jacobs said.

"Nassau County property owners can save $5 million or more with a year-round assessment board in place," said County Comptroller Frederick Parola.

According to Legislator Muscarella, having a same year assessment review will reduce the payments of refunds, interest and will limit the need for bonding. The proposal is anticipated to save taxpayers $5 to $10 million in the first 12 month cycle.

Appointments to the "Year-Round" Assessment Review Board will be made shortly.