New York: Islandia to eliminate village property taxes once Jake’s 58 expansion is complete

The Village of Islandia plans to eliminate property taxes once the Jake’s 58 casino expansion is complete, saving village residents hundreds of dollars per year, Mayor Allan Dorman said.

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The village will get an additional boost of $2 million a year under an amended 2021 taxpayer relief agreement with Suffolk OTB, which owns the casino, according to documents obtained by Newsday. The influx of cash is expected to save residents between $400 and $500 on their annual property tax bill at least until the agreement expires in 2041.

OTB plans to complete a $210 million expansion of Jake’s 58, anticipated to take at least two years, including doubling video lottery terminals to 2,000, adding new pubs and restaurants and refurbishing hotel rooms, officials said.