Island Park residents rallied outside of LIPA headquarters in Uniondale on Thursday.

They protested a proposed agreement between LIPA and Nassau County on the now-closed Barret Power Plant, which is owned by LIPA.

Protesters say the plan would reduce taxes on the plant by 47% and have the burden go to homeowners.

"There is no doubt that with these devastating tax implications there are going to be businesses, there are going to be residents, that can no long call Island Park home," says Hempstead town Councilman Anthony D'Esposito.

LIPA argues that it currently pays 20 times what it should be paying for the plant.