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The Incredible Shrinking Coliseum Tax Bill

July 26, 2011

First, Nassau County predicted a tax bill in the $40 dollar range.  Then, we were told of a $58 cost.  Now, the latest forecast is $13.80. These estimates come from different sources.  They may be correct, but one needs to qualify them quite a bit.

The figure is based on a four-person household with a home assessed at $400,000.  Sort of reminds me of the $400,000,000 bond issue.

This is beginning to sound like a Syms markdown sale.  I guess there is buyer resistance to the referendum.  What figure will we get by Monday, August 1st?

Does anyone really know what will be paid a year from now, five years from now?  Per person, per household? How would you calculate? Do you have a home assessed at more or less than $400,000.

How will borrowing $400,000,000 impact the current $1.8 billion debt and what the county will borrow in the future.

If you rent residential or commercial space, you ultimately bear the costs of the property tax, although you don’t pay it directly.  It is known as the incidence of the property tax.

Every business in Nassau County, every household will ultimately pay for this boondoggle.

Richard Cooper

PS: I am glad I studied public finance with the late professor C. Lowell Harris at Columbia College.  He was a great teacher for this history major.

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