Connecticut Republicans want to increase the state’s property tax credit with money Democrats are hoping to spend on social services.
Property taxes have increased significantly since 2020 due to revaluations following the COVID-19 pandemic.
Under the GOP plan, the maximum credit would nearly triple from $300 to $1000. The minimum credit — which is currently $30 — would jump to $400.
“As we've all heard from many of our cities and towns, revaluation since COVID has caused a crisis for homeowners,” House Republican leader Vincent Candelora (R-Northford) said.
The money would come from the state’s volatility cap, which is unbudgeted revenue from sources such as income tax.
Democrats have proposed using that money to offset potential federal cuts to social services. Candelora said additional state money for social services should come from the rainy day fund.
When asked about the Republican proposal, Governor Ned Lamont (D) didn’t seem keen on spending more on property tax credits.
“Usually, the property tax proposals have the state government subsidize the towns more,” Lamont said. “We've given more ECS funding, education funding, and municipal aid than ever before. I think it's also really important that the towns work to be as efficient as possible, maybe some of the back office things they can share and bring down costs as well.”
