Residents of 10 Fairfield County municipalities with homes whose market value is more than $430,000 would bear the brunt of a new “mansion tax” proposed by Senate President Pro Tem Martin Looney.
According to legislative estimates, Greenwich homeowners with such properties would pay over 25% of the resulting new revenue, which Looney said would total $73.5 million per year.
The New Haven Democrat’s proposal would require homeowners of a house with a market value of $500,000 to pay an additional $50 in property tax a year, while those with a house valued at $1 million would pay another $400 a year.
Along with some fellow Democrats, Looney said the proceeds could be used to reduce the property tax burdens of residents in cities such as Bridgeport and Hartford. The senator maintains that the move does not represent a new tax, but a “redistribution” of property tax revenue.
According to legislative estimates, Greenwich property owners would pay the most under the proposal ”“ nearly $21.8 million. It would be followed by Westport ($6.6 million), Stamford ($5.8 million), Darien ($5.2 million), New Canaan ($5.1 million), Fairfield ($4.5 million), Ridgefield ($1.6 million), Wilton ($1.5 million), Norwalk ($1.4 million) and Weston ($974,000).
While he has yet to comment directly on Looney”™s proposal, Gov. Ned Lamont, a Greenwich resident, told the CBIA”™s annual Economic Summit and Outlook last week that he had “no interest in broad-based tax increases.”
Senate Republican Leader Kevin Kelly (R-Stratford) blasted Looney’s proposal.
“Connecticut Democrats’ solutions ”“ tolls, gas taxes and insurance taxes ”“ always target middle-class families’ wallets,” he said. “Now they are coming after the middle-class family home.
“During this pandemic, middle-class families are struggling financially and need our help, not more burdens,” Kelly continued. “The progressive left agenda of Connecticut Democrats will make it more difficult for middle-class families to live, work and raise a family. It shows just how tone-deaf they are to the middle class.”
“As a senator, first selectman, homeowner and small-business owner, I oppose Senator Looney”™s proposals to levy yet another tax on our homes and our businesses and his proposal to take away local control and regionalize school districts,” said Senate Republican Leader Pro Tempore Paul Formica (R-East Lyme). “These policies will only hurt the middle class ”“ the same people the majority party claims to care about.”
Looney & the Dems are pandering pieces of {expletive deleted}!
It would be cheaper to wall off “… residents in cities such as Bridgeport and Hartford.” If they televise it, they might even earn some revenue!
If this isn’t challenged as unconstitutional and the sponsors & co-sponsors takes out behind the woodshed then my once beloved Nutmeg State is dead.
The proposal I saw was a percentage (1) of the amount over $430,000. So a $500,000 house would be $70,000 over and would pay 1% or $700 dollars. There aren’t enough houses in CT over $400,000 to make 74 million dollars $50.00 at a time. If every single homeowner paid the extra it may barely cover the cost
Good idea for revenue, however Mr. Looney should note that a $400,000 home in Fairfield County does not fall into the mansion category. It falls into the average home value range for Fairfield County. For the most part, homes in that price range belong to middle-class families, particularly since home prices have risen so rapidly over the past few month due to NYers moving here and driving up the prices. These rapid price increases do not necessarily equate to homeowners making more money than they did in 2020, so this proposal is just penalizing your average CT resident, yet again. The proposed tax should apply to homes valued at 2 million and more.
At least Senator Looney is appropriately named.
Another reason to vote Republican.
Senator Looney belongs in the Loonybin
Good old CT, continue to tax its citizens into leaving. I can’t believe the dems added seats. The residents of ct deserve better then more taxes, tolls, TCI, and higher costs of living. There is plenty of money! Cut special and personal interest spending!! Do the hard work instead of robbing your constituents!