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Joshua Vincent, Director
Center for the Study of Economics
1518 Walnut Street, Suite 604
Philadelphia, Pa 19102 USA
Step by Step...
Testimony for house and Senate LVT Bills, 2/23/05
Connecticut Conference on Municipalities
"CCM also supports Senate Bill 977, authorizing state separate rates of taxation for real estate.
It could be a great benefit to our larger municipalities, and we think that it's a proposal well worth your consideration. Thank you."
Connecticut Home Builders Association
My name is Bill Ethier. I am the Executive Vice President, General Council of the Home Builders Association of Connecticut.
"Lastly, we would support the remaining three sections of the bill. The land value taxation, we think is a good idea that some communities can use to encourage development, in certain areas."
Mayor Eddie Perez, Hartford
"These bills before you will provide municipalities with enabling legislation to employ a land value tax, as an additional tool in our tool belt to manage developments in our city.
Currently, the City of Hartford and other municipalities across the state lose a significant amount of revenue to under-developed land and vacant lots when those lots are paved over and used as parking facilities.
In short, when someone holds a profitable parcel of property rather than developing it, the tax code rewards this activity.
By correcting this problem with a land value tax, the state will create a more equitable system where all businesses pay their fare share of property taxes, not just the ones that have buildings and improvements located on them.
At the same time, by increasing the tax, at the same time, increasing the tax base through a land value tax system, homeowners will also benefit from lower property taxes.
Third, this system will also promote the development of downtown land, by making the current profitable practice of holding land as parking lots obsolete.
In short, it is good for business, it's good for economic development, it's good for homeowners and, therefore, it's good for cities.
By adopting land use tax licenses, such as in Senate Bill 977 and Senate Bill 5892, you would give municipalities the option of dealing with this important issue at the local level.
I hope you will join me in supporting these two pieces of legislation and I thank you, for the opportunity to come before you."
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