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Public hearing to be held Monday on newly proposed CT property tax

Lawmakers say this proposed tax, also referred to as a "mansion tax" could generate almost $70 million for the state.

HARTFORD, Conn. — The Finance, Revenue and Bonding committee will hear public testimony on Monday for a newly proposed bill.

The bill, introduced by Connecticut Democrats, will create a $1 million state-wide tax on residential and commercial real estate properties.

The hearing will begin at 9 a.m. and streamed live on YouTube. Watch below. 

Lawmakers say this proposed tax, also referred to as a "mansion tax" could generate almost $70 million for the state.

Senator Martin Looney said this impacts homeowners who have a market value, not an assessed value, of more than $430,000.  

Towns like Greenwich, New Canaan, and others throughout Fairfield County would be most affected by the proposed tax.

However, with the market value low enough, some also say this will could impact members of the working class as well.

Under this plan, coupled with the change in the pilot, the neediest communities would see a net reduction on their taxes.

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