Senate Plan Would Ease Impact of Nassau's Reassessment

ALBANY — The State Senate is proposing to compensate Nassau County homeowners who see their taxes rise under a new property reassessment program.

Qualifying homeowners would be able to claim a tax credit to offset any tax increases implemented in the first year of County Executive Laura Curran’s proposed five-year phase-in for new assessments of residential properties. Over the next seven years, the tax credit would continue, but at gradually decreasing rates. Homeowners with more than $500,000 annual income wouldn’t be eligible....Continue reading at Newsday.com