An Act Establishing A Pilot Program For The Preservation Of Open Space.
Impact
The introduction of SB00181 is significant for state laws surrounding land use and municipal funding in Connecticut. By enabling municipalities to generate additional revenue from real estate transactions, the bill not only promotes environmental conservation but also offers municipalities an avenue to finance open space initiatives. The expected outcomes include increased dedication to natural resource management and enhanced local stewardship of environmentally important areas. Additionally, the bill seeks to exempt certain property transfers related to the preservation of open space from the buyer’s fee, thereby encouraging land conservation efforts.
Summary
SB00181, an Act Establishing A Pilot Program For The Preservation Of Open Space, aims to create a funding mechanism for municipalities in Connecticut to maintain and acquire open space land. The pilot program would be implemented in selected towns—Bethany, Bolton, Lyme, and New London—over a two-year period starting July 1, 2018. The bill allows these municipalities to levy a buyer's fee on conveyances of residential property, capped at 1% of the sale price exceeding $150,000. The collected fees would be deposited into a separate account for the purpose of purchasing and preserving open spaces, including forests and farmland, within the municipality.
Contention
While the bill's supporters argue it provides essential funding for open space initiatives and fosters community involvement in environmental conservation, critics may raise concerns about the potential financial burden on home buyers. The fee structure might deter individuals from purchasing residential properties in these municipalities due to added taxes during property transactions. Furthermore, there may be debates on the efficacy of such a program and whether it will achieve the desired conservation results within the designated timeframe. Ultimately, the passage of SB00181 hinges on balancing the need for conservation against the economic realities of home ownership.
An Act Concerning Motor Vehicle Assessments For Property Taxation, Innovation Banks, The Interest On Certain Tax Underpayments, The Assessment On Insurers, School Building Projects, The South Central Connecticut Regional Water Authority Charter And Certain State Historic Preservation Officer Procedures.