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The Connecticut General Assembly will again consider establishing a supplemental property tax on high-end residential properties. This is an idea that has been introduced in prior legislative sessions but has failed to gain approval.
Senate Bill No. 101 would create a state-wide supplemental property tax on residential real properties with an assessed value of over $3 million. The tax would be at the following rates depending upon the assessed value of the property:
- Assessed value of over $3 million but less than $5 million – 2 mills
- Assessed value of $5 million or more but less than $10 million – 3 mills
- Assessed value of $10 million or more – 4 mills
One mill equates to $1 of tax on every $1,000 of assessed value. Assessed value in Connecticut equates to 70% of fair market value.
Since the bill is in concept form, it does not define residential real property. As a result, it is not clear if the bill would apply to multi-family residential properties in addition to single-family residences. Also, the bill does not make clear if the supplemental tax would go to the municipality where the property is located, the State or be split.
The bill will have a public hearing before the legislature’s Finance, Revenue and Bonding Committee on February 27, 2026.
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About Our Property Tax and Valuation Law Blog
Alerts, commentary, and insights from the attorneys of Pullman & Comley’s Property Tax and Valuation practice with timely information for businesses, nonprofits and individuals in commercial property tax appeals and eminent domain matters.