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Two bills pending before the Connecticut General Assembly seek to impose a new state-wide property tax on different classes of real property. Currently, property taxes are only imposed at the municipal level of government. This new property tax would be in addition to locally imposed property taxes.
House Bill No. 5673 proposes a 2 mill (1 mill of property tax equates to $1 for every $1,000 of assessed value) state-wide property tax on both commercial and residential property with an assessed value greater than $1,500,000. The bill is silent as to what level of government would receive the extra tax revenue and how it would be used.
Senate Bill No. 776 provides for a state-wide property 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 $1,500,000 but less than $2,000,000, and 2 mills on residential real property assessed at $2,000,000 or more.
Neither bill currently indicates when it would become effective if passed.
Both bills will be the subject of a public hearing before the General Assembly’s Finance, Revenue and Bonding Committee on February 27, 2023, at 9:00 a.m. Interested parties can register to speak on the bill or submit written testimony. Go to the General Assembly’s website at: https://www.cga.ct.gov/2023/FINdata/pha/pdf/2023pha00227-R000900FIN-pha.pdf for more information on the public hearing and how to participate.
If you have any questions, please contact a member of our firm's Property Tax and Valuation practice.
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About Our Property Tax and Valuation Law Blog
Alerts, commentary, and insights from the attorneys of Pullman & Comley’s Property Tax and Valuation practice with timely information for businesses, nonprofits and individuals in commercial property tax appeals and eminent domain matters.