AN ACT ESTABLISHING A STATE-WIDE PROPERTY TAX ON CERTAIN RESIDENTIAL REAL PROPERTY.

Plain English Breakdown

The effective date of the tax is not listed in the provided metadata or text excerpts.

State Property Tax for High-Value Homes

This law creates a new statewide tax that applies only to homes valued at over $3 million.

What This Bill Does

• Establishes a property tax on residential real estate with an assessed value above three million dollars.
• Sets the tax rate at two mills for properties worth between three and five million dollars.
• Sets the tax rate at three mills for properties worth between five and ten million dollars.
• Sets the tax rate at four mills for properties valued at ten million dollars or more.

Who It Names or Affects

• Owners of residential real property with an assessed value greater than $3,000,000

Limits and Unknowns

• The text does not state when the tax will officially begin.
• The source material does not explain how the collected money will be spent.

Official Summary Text

To establish a state-wide property tax on residential real property with assessed values of more than three million dollars.

Current Bill Text

LCO No. 502 1 of 1

General Assembly Proposed Bill No. 101
February Session, 2026 LCO No. 502

Referred to Committee on FINANCE, REVENUE AND
BONDING

Introduced by:
SEN. LOONEY, 11th Dist.

AN ACT ESTABLISHING A STATE-WIDE PROPERTY TAX ON
CERTAIN RESIDENTIAL REAL PROPERTY.
Be it enacted by the Senate and House of Representatives in General
Assembly convened:

That the general statutes be amended to establish a state -wide 1
property tax at the rate of (1) 2 mills on residential real property with an 2
assessed value of more than three million dollars but less than five 3
million dollars, (2) 3 mills on residential real property with an assessed 4
value of five million dollars or more but less than ten million dollars, 5
and (3) 4 mills on residential real property with an assessed value of ten 6
million dollars or more. 7
Statement of Purpose:
To establish a state-wide property tax on residential real property with
assessed values of more than three million dollars.