Municipal leadership from the Connecticut Conference of Municipalities (CCM) will conduct a news conference on Thursday, February 1 to oppose efforts that would cut the rates of the real estate conveyance tax for towns and cities.

Unless the General Assembly and Governor act, the rates will drop to pre-2003 levels, costing towns and cities over $40 million. A coalition of realtors, home builders and developers have been fighting to insure that the rates drop.

The news conference will be held on Thursday, February 1 at 1:30 p.m. in the State Legislative Office Building, room 1C, in Hartford.

What are CCM-member municipal leaders expected to detail

• The results of a just-completed CCM survey - with findings from 164 of the CT’s 169 municipalities - showing what each community collected from the municipal share of the real estate conveyance tax in FY 2005-06.
• Property taxpayers across the state would take another hit, in excess of $40 million, unless the General Assembly and Governor act to help towns and cities during the 2007 legislative session. The hit would come on July 1, 2007, when the rates of the real estate conveyance tax are statutorily scheduled to be reduced.
• Although some state grants to local governments have increased, municipalities are still well behind where they were before state funding cuts went into effect several years ago -- when the conveyance rates were increased to present levels. Municipalities and local property taxpayers continue to count on the conveyance tax to help bridge their budget gaps -- and without that revenue more pressure will be put on property taxes.

CCM-member municipal leaders who have been invited to lead the news conference include:

• Herbert Rosenthal, First Selectman of Newtown and CCM President
• Keith Robbins, First Selection of Bozrah and First Vice President of CCM
• Melody Currey, Mayor of East Hartford
• Mark Boughton, Mayor of Danbury
• Ken Flatto, First Selectman of Fairfield