The proposed bill, General Assembly Proposed Bill No. 741, seeks to establish a state-wide property tax specifically targeting certain residential real properties based on their assessed values. The bill introduces a tiered tax rate: a 2 mill tax for properties valued between three million and five million dollars, a 3 mill tax for properties valued between five million and ten million dollars, and a 4 mill tax for properties valued at ten million dollars or more. The revenue generated from this tax will be dedicated to fully fund the equalization aid grants as outlined in section 10-262h of the general statutes.

This legislation aims to address funding for educational grants by leveraging the wealth from higher-valued residential properties. The bill does not include any deletions from current law but introduces new provisions to implement the state-wide property tax and its intended use for educational funding.