Sign Up
SB 741 Connecticut Senate · 2025 Regular Session

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

SB 741 establishes a new statewide property tax on high-value residential homes, applying to properties assessed at $3 million or more. It imposes tiered rates: 2 mills (0.2%) on homes valued $3-5 million, 3 mills (0.3%) on $5-10 million homes, and 4 mills (0.4%) on homes worth $10 million or more. Revenue from this tax must fully fund equalization aid grants under Connecticut law (section 10-262h), which support public school funding. This directly affects owners of luxury residential properties above the specified value thresholds.
Issues: ✓ Budget & TaxesSupports Budget & TaxesImposes new tax on high-value properties to fund public school equalization grants, directly increasing state funding for education under budget allocation.95% confidence ✓ EducationSupports EducationBill mandates revenue from luxury home tax to fund public school equalization grants, directly increasing school funding per Connecticut law.95% confidence
Bill status in committee 1 of 4 stages cleared
Introduction
Jan 2025
Committee Review
Floor Vote
Governor
Introduced Jan 17, 2025 Last action Feb 20, 2025
Floor votes

How they voted

No floor votes recorded yet.
Full legislative history

Actions timeline

Total actions
3
Key actions
0
Committee
1
Jan 17, 2025
Committee
REF. TO JOINT COMM. ON Finance, Revenue and Bonding
upper
0 primary · 0 co-sponsors

Sponsors

No sponsor information available.