The proposed bill, General Assembly Proposed Bill No. 101, aims to establish a state-wide property tax on certain residential real properties in Connecticut. The bill introduces a tiered tax rate structure, imposing a tax of 2 mills on properties with an assessed value between three million and five million dollars, 3 mills on properties valued between five million and ten million dollars, and 4 mills on properties valued at ten million dollars or more.

This legislation seeks to generate revenue from high-value residential properties, thereby addressing fiscal needs at the state level. The bill does not specify any deletions from current law, focusing solely on the introduction of the new property tax framework.