A new effort is underway to bring a mansion tax to Connecticut.
CT Mirror reported State Sen. Martin M. Looney, a Democrat representing New Haven, is planning to put forth a mansion tax proposal when the state legislature reconvenes in January 2025. Looney, who is President Pro Tempore of the Connecticut Senate, introduced a bill in 2023 that would have enacted a 1-mill tax on houses with an assessed value exceeding $1.5 million, and a 2-mill tax on those valued at more than $2 million – one mill generates $1 of tax revenue for every $1,000 of assessed property value.
The 2023 proposal was raised for a public hearing but failed to get past the Senate’s Finance Committee. When the proposal is reintroduced, Looney said he wanted the funds raised by the new tax to be used for addressing homelessness and to fund other social programs.
“I believe we ought to look at generating more revenue at the state level from high-end properties,” Looney said, adding the state has a property tax rate imbalance where poorer communities generally pay more taxes than the affluent neighborhoods. “I think people are becoming a little bit more aware of how the property tax is not really a suitable or appropriate way to raise money.”
Gov. Ned Lamont has not commented on Looney’s proposal. The state’s realtor association has voiced its opposition to the idea.
“CT Realtors opposes any conveyance taxes on real property whether on sellers or buyers, including the mansion tax” option, said Carl Lantz, president the 19,000-member organization.
Photo: Rabbitti / iStock
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The quote is that “the property tax is not really a suitable or appropriate way to raise money” therefore he is proposing a property tax.
Someone needs to tell him how stupid he is.
Redistribution! Why do we continue to reward homelessness? If they are addicts they have to go to rehab before they get a dime. If mentally ill they need help if they don’t want to work they starve. If in a temporary situation they get short term help. Everyone pulls the wagon and no one rides free
No
The point is the wealthy are paying way less taxes than even those who are middle income and they need to pay more period. Proposing a property tax on mansions is just one way he is suggesting taking care of the problem. I’m sure they are open to other options. But the point they aren’t paying their fair share period
Wrong – the wealthy pay all the taxes in CT. The state’s analysis is data is very partisan and innacurrate. Means tested federal welfare payments are excluded. Lower income filers get credits – cash back! The sales tax is quite progressive and there are no sales taxes on power or electricity. Higher earners pay most of property taxes as well.