screen-shot-2011-08-02-at-90031-am-300x300-5542434Over the years, despite chronic complaints about their property taxes, Nassau County residents have shown a remarkable tolerance for high levels of local government spending — which helps explain why their county finances are in such poor shape. Yesterday, they showed that tolerance has its limits.

Voters solidly rejected a proposal to issue $400 million in county bonds to finance the renovation of the Nassau County Coliseum, home of the NHL’s New York Islanders, and to build a new minor league baseball stadium.

What it all means:

  • Islanders owner Charles Wang is more likely to move the team when its lease expires in 2015;
  • county residents won’t be paying an added 4 percent in property taxes to pay off the bonds on the proposed Coliseum deal;
  • a county government already running $140 million in the red just spent $2 million to hold an unusual mid-summer referendum that proved county residents don’t want to spend any more.
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