Statewide Property Tax Public Hearing Scheduled
The following article first appeared on Pullman & Comley’s Property Tax and Valuation law blog. It is reposted here with permission.
Two bills pending before the Connecticut General Assembly seek to impose a new statewide property tax on different classes of real property.
Currently, property taxes are only imposed at the municipal level of government.
This new tax would be in addition to locally imposed property taxes.
HB 5673 proposes a 2 mill (1 mill equates to $1 for every $1,000 of assessed value) statewide tax on both commercial and residential property with an assessed value greater than $1.5 million.
The bill is silent as to what level of government would receive the extra tax revenue and how it would be used.
SB 776 provides for a statewide tax on more valuable residential real property to fund equalization aid grants to municipalities for public schools.
The tax would be at the rate of 1 mill for residential real property assessed at more than $1.5 million but less than $2 million, and 2 mills on residential real property assessed at $2 million or more.
Neither bill currently indicates when it would become effective if passed.
About the author: Gregory Servodidio is the chair of Pullman & Comley’s property tax and valuation department. He represents businesses, nonprofits, and individuals in commercial property tax appeals and eminent domain proceedings.
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