Budget Revision Clarification
We would like to clarify some misunderstanding of statements regarding the Brookhaven IDA. Please be aware that The Brookhaven IDA has the authority to issue tax-exempt and taxable bonds and notes. It can also grant property tax abatements, mortgage recording tax exemption, and full sales tax exemption for qualified applicants.
The Town of Brookhaven Industrial Development Agency has issued millions of dollars in tax-exempt or taxable bonds on behalf of more than 50 companies encouraging them to either locate or expand in the Town of Brookhaven. This assistance has been extended to companies both large and small, and has resulted in the direct creation of thousands of jobs for Brookhaven residents.
As the Sachem Central School District 2013-14 and 2014-15 revenue budget was revised due to the Motorola property going to FULL ASSESSMENT. That means that the Town of Brookhaven taxpayers have been the beneficiary from the higher assessed value of that property. While Motorola previously paid a PILOT through the IDA, they currently pay their full assessed value taxes through the Town Tax Receiver's office.
In addition to the Full Assessment of the Motorola property, they continue to maintain their presence on Long Island which generates employment.