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

The primary purpose of this legislation is to create a new source of funding for educational grants, thereby addressing disparities in school funding across the state. By imposing this property tax on high-value residential properties, the bill aims to ensure that wealthier homeowners contribute to the funding of public education, ultimately benefiting communities with less financial resources.