Bill Summary: SB01136 - Property Tax Reform

• Establishes a municipal revenue sharing account funded by a one-fourth of one percent deposit from sales and use tax revenues (effective October 1, 2015), with a grand total allocation of $49,875,871 distributed among all Connecticut municipalities.

• Permits regional councils of governments to establish cooperation programs to create service delivery efficiencies and reduce costs within planning regions, with distributions made by unanimous consent of all member towns.

• Requires members of regional councils of governments to reduce property tax assessments on motor vehicles to yield a total tax equal to a mill rate of not more than 35 mills, with grants from the municipal revenue sharing account distributed proportionally based on sales and use tax collected.

• Specifies that regional councils receive grants before any remaining funds are distributed to municipalities on a per capita basis (50%) or according to a statutory formula (50%).

• All provisions effective October 1, 2015, with motor vehicle assessment reductions applicable to assessment years commencing on or after that date.