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Mayors Praise Proposed Property Tax Reform
HARTFORD — On the heels of Gov. Dannel P. Malloy's proposed adjustments to the state budget — including potential cuts in state aid for municipalities — Democratic legislative leaders and mayors from throughout the state gathered at the Capitol Friday to praise one aspect of the budget that Malloy said won't change — property tax reform.
Malloy Backs Off Business Taxes
Malloy Backs Off Business Taxes
Under the new $40 billion, two-year budget passed by the General Assembly last week, but not yet signed into law by Malloy, municipalities will be reimbursed by the state for lost property taxes on tax-exempt properties such as universities and hospitals. With limited options for raising revenues, many municipalities also rely on high automobile tax rates; the new budget caps those automobile rates in municipalities at 32 mills, or $32 for each $1,000 of assessed property value, and the state will reimburse towns for lost revenue due to the lower rate. The state will also distribute money from the state sales tax to municipalities.
At the press event Friday, Senate President Martin M. Looney and Speaker of the House J. Brendan Sharkey, both Democrats, tried to contrast the recent criticism of the budget's tax corporate tax hikes with what they said were the pro-business aspects of the increased funding for municipalities.
"The property tax and our transportation system are the two biggest problems that our business community and our public recognize as a drain on our economic vitality," Sharkey said. Many Connecticut corporations, business organizations and lobbyists have panned the budget for its corporate tax hikes, arguing that it further harms Connecticut's national economic competitiveness.
http://www.courant.com/politics/hc-mayors-property-tax-0612-20150612-story.html
Malloy Backs Off Business Taxes
Malloy Backs Off Business Taxes
Under the new $40 billion, two-year budget passed by the General Assembly last week, but not yet signed into law by Malloy, municipalities will be reimbursed by the state for lost property taxes on tax-exempt properties such as universities and hospitals. With limited options for raising revenues, many municipalities also rely on high automobile tax rates; the new budget caps those automobile rates in municipalities at 32 mills, or $32 for each $1,000 of assessed property value, and the state will reimburse towns for lost revenue due to the lower rate. The state will also distribute money from the state sales tax to municipalities.
At the press event Friday, Senate President Martin M. Looney and Speaker of the House J. Brendan Sharkey, both Democrats, tried to contrast the recent criticism of the budget's tax corporate tax hikes with what they said were the pro-business aspects of the increased funding for municipalities.
"The property tax and our transportation system are the two biggest problems that our business community and our public recognize as a drain on our economic vitality," Sharkey said. Many Connecticut corporations, business organizations and lobbyists have panned the budget for its corporate tax hikes, arguing that it further harms Connecticut's national economic competitiveness.
http://www.courant.com/politics/hc-mayors-property-tax-0612-20150612-story.html
This is going to help out a lot of cities. Conn. has some of the wealthiest suburbs and some of the poorest cities in the nation.