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

Plain English Breakdown

The official source material does not provide information about how the collected tax will be used or if there are exemptions for high-value homeowners.

State-Wide Property Tax for High-Value Homes

This act creates a new state-wide property tax for homes worth over $3 million, with different rates based on the assessed value.

What This Bill Does

• Creates a state-wide property tax on certain high-value residential properties.
• Sets different tax rates of 2 mills for homes valued between $3 and $5 million, 3 mills for those between $5 and $10 million, and 4 mills for homes worth over $10 million.

Who It Names or Affects

• Homeowners with properties assessed at more than $3 million.
• The state government which will collect the tax.

Terms To Know

Mills

A unit of measurement for property taxes, where one mill is equal to one-tenth of a cent per dollar of assessed value.

Limits and Unknowns

• The bill does not specify how the collected tax will be used.
• It is unclear if there are exemptions or deductions available for high-value homeowners.

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.