I fully realize the significance of being a “third party” legislator in
a General Assembly occupied by Democrats and Republicans. Finding
common ground and making compromises will be the rule to getting
legislation aligned with my values (the reason voters choose me)
approved. Here are some of my priorities that I offer in terms of a
platform.
Property Tax Reform: As a member of Re-New London I have been working
with members of this group to have legislation introduced into the next
General Assembly to allow our municipalities the option of using an
alternative tax policy called Land Value Tax. LVT shifts the tax value
of real estate property from the improvements to the land. Typically, a
property is assessed by the improvements (buildings, structures,
pavements, etc.) reflecting 80% of the value and the land reflecting
20% of the value. (There certainly may be variances to this formula.)
LVT would, over time, change that to have the land reflect the majority
or all of the value of the assessment. This can be achieved in a
revenue neutral manner; the system can change and the municipality
receives the same level of tax revenue. Among the benefits of the LVT
approach, residential property tax rates tend to decrease. The rates on
commercial center lots may go up, but they are going up on the land
only not the improvements or the buildings. Any improvements on the
property would not be reflected by an increase of the assessment, thus
the disincentive of higher taxes is removed. If commercial property
owners can maintain and fix-up their properties without incurring
greater taxes, then run-down buildings and empty lots will turn into
productive properties supporting more and new businesses that will
attract patrons that collectively boost revenues for the municipalities
and private parties. It allows the owners to maximize the property’s
utilization without the burden of increased taxes. It, in part, changes
the incentive from building “new” out of town in “open spaces” to
revitalizing existing infrastructure in the already populated urban
center.
Fiscal Responsibility: In the last four or five years or so, I have
seen news reports of unexpected budget deficits that have shortly
followed reports of unexpected budget surpluses. Now in September,
2008, we have a State deficit. Back in January, we were told we had a
State surplus and there was a call for an “economic stimulus package”
to help out the taxpayers. Now I realize that the (world) economy is
under stress right now, and it has been for a while, depending upon
one’s view point. (This economic stress will receive more attention
elsewhere.) The budget process here leaves much to be desired though.
Besides tax revenues, Connecticut also enjoys revenues from a state run
lottery system and something else that other states envy. We receive
slot revenues from two of the world’s largest casinos! (I will advocate
for greater state spending on the primary public education system else
where.) How is that we cannot develop a sound budget especially when we
are getting bonus money from gambling?
We need much a better budgetary development process. We should consider
implementing a zero-based budget plan for some departments and over a
couple of years review all departments of government. This is a concept
that has been raised by constituents here in New London for the city
government and I think it would be good for state government too.