Hartford, Conn. WTIC) Senate President Martin Looney wants to tax homes assessed at more than $430-thousand.
Looney says the progressive tax is fair promoting equity and predictability.
Under his proposal, the first $300-thousand dollars of a home would be exempt. The rate is one mill. As an example, Looney says a $500-thousand home would pay 50 dollars.
Looney says the proposal would generate 73-million dollars.
Loney also wants a three-tiered structure for the Payment in Lieu of Taxes Program.
Looney says these proposals could be used for municipal tax relief and equity.
He says the current tax system prevents further economic development.
