We all know that putting off until tomorrow what we should be doing today rarely ever works out the way we want it to, but delaying local property tax revaluation would be particularly harmful to Connecticut’s businesses and economy.
This week, CBIA testified against HB 6480, which allows any municipality currently required to conduct a revaluation of real property for the 2012 or 2013 assessment years to delay it until the 2014 assessment year, as long as the delay is approved by the local legislative body.
Businesses in Connecticut pay a local property tax on machinery, equipment, materials, computers, office furniture and other items unless specifically exempted. Competitors in many other states, however, do not.
Procrastinating on real property revaluations would serve to put more and more of the local property tax burden onto Connecticut employers—hurting them in terms of finances, their ability to grow jobs, and their overall competitiveness.
CBIA believes that the only true way for Connecticut to solve its fiscal problems is to grow our economy; raising property taxes on business property will make Connecticut less competitive and is not the policy direction we should take.
For more information, contact CBIA’s Bonnie Stewart at 860.244.1925 or email@example.com.