A decade-long fight over taxes at Long Island’s largest power station might be over soon. Northport schools and the Long Island Power Authority have reached a tentative agreement.
In the proposed settlement, LIPA’s annual taxes on the Northport Power Station would be cut in half to $46 million in gradual steps over the next seven years.
The Northport school district would get a total of $14.5 million in direct annual payments to offset the impact of LIPA’s lower tax payments.
LIPA had requested drastic cuts to its property taxes that could have devastated property values and school budgets. The new agreement could mitigate that.
The proposed deal needs approval from the school board, and then the Town of Huntington.
