A report from the Connecticut Conference of Municipalities said the state’s property tax system is “unsustainable” and urged legislators to take several steps to increase funding for local government services rather than relying so heavily on the property tax. Suggestions included expanding the variety of taxes communities can collect and committing to promised sharing of state sales tax receipts despite big projected deficit in the next state budget. The report comes just days after a landmark state court ruling found Connecticut’s education funding system to be “irrational and unconstitutional.”
In an effort to increase local government revenues in communities with a high number of tax-exempt properties, the Connecticut House passed a bill yesterday that would require hospitals and private colleges to pay property taxes. While several schools and hospitals have testified against the bill due to the financial burden, supporters of the legislation say the large entities are "nearly indistinguishable from traditional private sector businesses." House Bill 6965 is now headed to the Senate and then to Gov. Dannel P. Malloy, and if approved, towns with a lot of student housing could see a significant revenue gain.
A Bill that would exempt commercial and industrial renewable generation equipment from property tax in the state of Connecticut has passed the State Senate. According to Power Engineering, Senate Bill 203 would extend an existing tax credit for residential renewable energy equipment to also include commercial and industrial installations. The Bill's leader, Senator Bob Duff, believes that this property tax exemption will prove to be a great incentive for more renewable development as the state tries to encourage more clean energy.
Connecticut Governor Dannel Malloy has signed three separate Executive Orders concerning property tax extensions due to the devastation caused by Hurricane Sandy. The Orders have been put in place to give residents and business owners some breathing room while they recover from the damage caused by the storm. The Orders are as follows:
Connecticut law requires all real estate to be revalued for assessment purposes every five (5) years. The following towns are conducting a revaluation for the 2011 Grand List (10/1/2011 Valuation Date):
Benchmark Senior Living will add their 34 senior housing communities to Health Care REIT's portfolio, combining to form an $890 million partnership between the two companies. Health Care REIT will have 95% partnership interest to Benchmark's 5%. According to GlobeSt.com, the partnership will continue to enhance Health Care REIT's growth potential as Benchmark has been able to produce exceptional NOI growth despite a rough economic client.
The Hartford, Connecticut office market saw nearly 760,000 square feet of space become vacant in 2009 that wasn’t offset by new leasing, representing the second year of a trend and eclipsing the 560,000 square feet recorded in 2008, according to the Hartford Courant. Experts expect the trend to continue for 2010 with forecasts of another 300,000 square feet not being offset by new leasing.
Tax amnesty is a limited-time opportunity for a specified group of taxpayers to pay a defined amount, in exchange for forgiveness of a tax liability (including interest and penalties) relating to a previous tax period or periods and without fear of criminal prosecution. In some cases, legislation extending amnesty also imposes harsher penalties on those who are eligible for amnesty but do not take it. State tax amnesty programs have been around for many years, but more states have used them recently due to shrinking state tax collections.