Actually, this isn’t necessarily a bad thing. Yet, given by how the state has been handling its money, it’s obvious why we cringed. Over the past few years or so, we’ve been conditioned to expect the worst. And reach for our wallet.
But, it looks like Hartford’s financial failings may signal a much needed change in the state property tax. To put it gently, the state may depend too much on that particular tax to fund our local governments.
CT Mirror reports that in 2015, a group called 1,000 Friends of Connecticut said the state is in “urgent need of a property tax overhaul to correct a system that undermines economic growth (and) is regressive, unfair and economically inefficient.”
With most, if not all, cities and towns struggling to make ends meet- now is definitely the time for change. With Hartford being the least fiscally stable municipality in the state, it may be leading an unintended charge to undo the age-old tax.
Hartford is an extreme example as to why a local government shouldn’t exclusively rely on property taxes to keep itself running, but an effective one nonetheless.
With an evaporating middle-class and a statewide exodus of millennials, Connecticut has a lot of hard decisions to make if it wants to keep its taxpayers. For starters, the state may have to reconsider the system that put its capital in the hole.