CT
Connecticut House Bill HB05661

Connecticut 2023 Regular Session

Connecticut House Bill HB05661

Introduced
1/18/23  
Refer
1/18/23  

Caption

An Act Establishing A State-wide Property Tax On Certain Commercial And Residential Real Property.

Impact

If enacted, HB 5661 would amend the existing tax statutes to incorporate this new property tax, which could significantly impact local revenue schemes. Proponents argue that this tax could provide much-needed funds for essential services such as education and public safety, which have been strained in recent years. However, there are concerns regarding the implications for large property owners and the real estate market. Critics fear that taxing higher-valued properties could discourage investment in commercial real estate and might lead to increased costs being passed on to renters and consumers.

Summary

House Bill 5661 aims to establish a statewide property tax of 2 mills on certain commercial and residential real properties that exceed an assessed value of one million five hundred thousand dollars. The intention behind this legislation is to create a more uniform tax structure across the state that can help to increase revenue for local and state services. The tax would be primarily levied on higher-valued properties, meaning that not all property owners would be affected by this reform, potentially alleviating concerns among lower-income homeowners and small businesses.

Contention

The discussions surrounding HB 5661 have highlighted a divide among stakeholders. Supporters emphasize the potential benefits of increased state revenue and the redistribution of tax burdens, while opponents raise concerns about the precedent it sets for property taxation. Notably, there is apprehension among real estate developers and property management companies that this tax could hinder market growth and discourage investment in both residential and commercial sectors. Advocacy groups argue for a more equitable taxation framework that considers local economic impacts, making the debate on HB 5661 particularly contentious.

Companion Bills

No companion bills found.

Previously Filed As

CT SB00452

An Act Concerning The Property Tax Appeals Process And The Penalty Related To The Submission Of Income And Expenses Information For Rental Properties.

CT SB00416

An Act Concerning The Conversion Of Commercial Real Property For Residential Use.

CT SB00270

An Act Concerning Tax Credits For The Conversion Of Commercial Properties.

CT SB00450

An Act Phasing In The Exemption Of Motor Vehicles From Property Tax And Increases In The Uniform Property Assessment Rate.

CT HB05492

An Act Establishing A Farm Investment Tax Credit And Concerning The Threshold For Certain Optional Farm-related Property Tax Exemptions.

CT SB00501

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.

CT HB05477

An Act Concerning Penalties For Blight Upon Real Property, Municipal Agreements To Fix Assessments And A Personal Property Tax Exemption.

CT HB05491

An Act Establishing A Property Tax Exemption For Veterans Who Have A Service-connected Permanent And Total Disability Rating.

CT HB05461

An Act Concerning Wholesaling Residential Properties.

CT HB05172

An Act Concerning The Assessment Of Motor Vehicles For Property Taxation.

Similar Bills

No similar bills found.