Since property tax revenue remains the largest source for education funding in Connecticut, tax abatements raise questions about the impacts of incentives on communities’ abilities to fund their local public schools. This document helps address some of these frequently asked questions about tax abatements and their potential impacts on local education funding.
In fiscal year 2015, property taxes accounted for 38 percent of total state and local revenues in Connecticut. This frequently asked questions document looks at Connecticut's property tax system and discusses common property tax features such as a split roll tax, homestead tax exemption, a meaningful property tax circuit breaker, or an assessment schedule that ensures accurate grand list valuations.
This report provides an overview of the basic features and structures found in property tax systems across the United States. Additionally, the report summarizes and analyzes the property tax systems of Connecticut and several of its regional peer states (Vermont, Massachusetts, Maryland, and Pennsylvania). Each state overview offers a summary of specific components of the respective state’s property tax system, including taxing authorities, property assessment, taxation rates, and tax exemptions and/or relief programs.