There is a new line item on my bill titled, Suffolk Property Tax Adjustment. What is this tax, and why am I paying it on my Electric Bill?
Suffolk County and certain Suffolk taxing jurisdictions overtaxed the Shoreham Nuclear plant by approximately $1.4 billion causing all ratepayers to pay excessive electric rates. To avoid an increase in property taxes in Suffolk County to pay for the overtaxation, Suffolk County and the Suffolk taxing jurisdictions requested and LIPA agreed in a Shoreham Tax Settlement Agreement instead to charge its Suffolk County customers for the property overtaxation of the Shoreham Nuclear Power Plant.
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