BAY SHORE - Thousands of homeowners in the Town of Islip could soon be hit with an eye-popping tax hike. Town Supervisor Tom Croci's newly unveiled $118 million budget would raise town property taxes by 65 percent. The increase would affect no more than 5 percent of a homeowner's overall property tax bill. For residents with an average $400,000 home value, a 65 percent increase would bring the new tax total to $536, up about $225 over the current rate.The alternative to the hike would be devastating, according to Town Comptroller Joe Ludwig. He says Islip would be forced to lay off a third of its workforce, road maintenance would grind to a halt, and public beaches and parks would be closed. Ludwig says the sudden jump is because the town has avoided raising taxes in the past. Town officials say that even with the hike, Islip residents will still pay the lowest town taxes in all of Suffolk County. The proposal will be discussed at public hearings before it is enacted.