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Connecticut Democrats propose 'mansion tax' on homes worth $430K+

Democrats in the state Senate are proposing a new tax on large homes they say would help redistribute the state's tax burden.

News 12 Staff

Jan 27, 2021, 4:09 AM

Updated 1,241 days ago

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Democrats in the state Senate are proposing a new tax on large homes they say would help redistribute the state's tax burden.
State Democrats are calling the proposal a "mansion tax," while their Republican colleagues say it takes square aim at middle class pocketbooks.
The new proposal wouldn't tax the first $430,000 of a house's value, but after that it would cost homeowners $1 per thousand in market value.
Democrats say it would raise more than $73 million -- money they say would be used to reduce the property tax burden in cities like Hartford and Bridgeport.
Last year, Greenwich's mill rate was 11, while Hartford's was 74.
Republicans say middle class families are still hurting from the pandemic, and now is not the time for any new tax.
"We continue to shed jobs every single month, and these types of proposals are only increasing the anxiety and the temperature in everybody's household," said Rep. Vincent Candelora.
Tammy Felenstein, president-elect of Connecticut Realtors, says the median asking price in Fairfield County is more than $650,000.
"I don't think if you asked anybody who lived in a $430,000 home in Fairfield County that they would consider themselves to be high-end or a mansion," she said.
"It is a very slight increase spread very broadly across the state, so it's not something that would be burdensome on anyone," Sen. Martin Looney argued. "And yet, it would create a substantial pot of money to address some of our inequities and problems."
Sen. Looney also called it a "redistribution of property tax revenue," saying many communities would benefit from it and see a decrease.
Under the proposal, a homeowner with a house worth $1 million would pay about $470 extra per year.


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