Thursday, February 01, 2007

Property fight...

The Connecticut Conference of Municipalities is holding a press conference in Hartford this afternoon to make thier push to the legislature to extend the conveyance tax - a revenue source for cities and towns that brings in about $40 million statewide. Their argument is that allowing the increase in revenues to expire will cost cities and town much needed revenues at a time when the state is unable to provide sufficient aid to communities to help hold the line on property tax increases.

Realtors, developers and home builders organizations have previously rallied at the Capitol urging lawmakers to allow the conveyance tax to expire - as it's scheduled to do later this year. Their arguement is, with the housing market in a slump, continuing to allow muncipalities to collect a larger percent each time property is transferred will only worsen the overall market.


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