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Penny Wise, Pound Foolish: You Know What They Say About Payback

Submitted by MiaB

Most of us would agree that the government typically cost US money, but now it seems we are costing them money. And, in fact, more money than they had budgeted for.

According to officials, Nassau County must pay more than the$50 million anticipated in property assessment refunds for 2007.

In fact, according to officials the county will owe an estimated $28 million to those who won residential property assessment refunds. And, midway through the year, the county has already refunded about $22 million to individuals who won commercial assessment refunds.

So, it looks like the county will be experiencing a significant deficit. As per officials the projected budget gaps are expected to hit as mush at $241 million by 2010. And, they are expecting to make up differences via a proposed cigarette tax and red light cameras.

And, some suggest while this is a plan (for raising the necessary monies), it is by no means a budget, and just how the county “will” raise the funds, remains to be seen. Plus, some of the proposed taxes have hit a dead end and others still need approval by the State Legislature. And, with that said, some officials see these measures as useless, and suggest that Nassau should start looking at more viable options for raising money rather than those that have no sponsors in Albany.

Still, the Nassau County Assessor notes that the county will see significantly less successful assessment challenges for the 2007-08-tax year than in previous years. And, he adds that for the first time, assessment increases will have a cap of 6 percent of the prior years value. Plus, he points to hearing officers in the county’s Small Claims Assessment Review courts for the impending deficit, noting too many assessments as the problem. He even suggests they are giving money away.

And, along with these pending problems, Nassau is also facing a sales tax shortfall, according to officials. They note that there was initially an anticipated 3.9 percent increase in sales tax revenue in 2007 as compared to 2006; however, the actual figures are showing on a 1.9 percent increase over last year. Still, some suggest they expect the sales tax revenue to rebound during the summer yielding an estimated 3.5 percent more than last year.

Money News > Penny Wise, Pound Foolish: You Know What They Say About Payback

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