SB 101 would create a new statewide property tax on homes valued above $3 million. This tax would be added on top of the local property taxes homeowners already pay. Depending on the value of the home, the state would charge an additional 2 to 4 mills each year.

Even if the tax targets higher value homes, it sets a new precedent by giving the state direct authority to tax residential property. Connecticut residents already face some of the highest property taxes in the country. Adding another layer increases costs and makes the state less competitive.

Higher taxes can also affect home values, investment decisions, and whether people choose to stay in Connecticut. Before creating new taxes, lawmakers should focus on controlling spending, improving efficiency, and making the state more affordable for everyone.