property tax

Connecticut was ranked 47th out of 50 states for its business tax climate, a drop from 44th last year, in the latest study from the Tax Foundation. 

Property taxes and revenue to Connecticut municipalities has more than doubled since 1981, while Connecticut residents’ median income levels have grown very little, according to a new report.

Tax Foundation’s annual ranking of states based on state and local tax collection placed Connecticut second in the nation, trailing only New York, for the most money collected per resident.

Gov. Dannel Malloy’s executive order, which zeroes out education funding for 85 school districts in Connecticut, could result in massive property tax increases - even to towns that are already struggling - if the state legislature cannot reach a budget deal by October 1. The property tax increases needed to deal with the cuts could mean up to a 40 percent increase to the mill rate for some municipalities, equalling 2.5 percent of the average household income in those towns, according to data compiled by the Western Connecticut Council of Governments.