10 Fairfield County towns would bear the brunt of state Sen. Looney’s proposed ‘mansion tax’
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.”