March 16, 2021

Finance Committee To Vet ‘Mansion Tax’

50% of Hartford’s property is not taxable. HARTFORD, CT  —  The legislature’s Finance, Revenue and…

50% of Hartford’s property is not taxable.

HARTFORD, CT  —  The legislature’s Finance, Revenue and Bonding Committee is expected to hear hours of public testimony today on a controversial proposal from Senate President Martin Looney to impose a statewide property tax on property assessed at $300,000 or more.

Looney, D-New Haven, has said it’s fair to call it a “mansion tax,” but Republicans have said it’s a tax on the middle class and will drive more people to move out of state. 

“The only positive thing about the property tax — which most people find regressive and burdensome because it’s not tied to income or capacity to pay, it’s just tied to homeownership — it’s that at least it’s a reliable source of revenue,” Looney has said.