Looney sees it as a solution to inequality.
“You have a disparity in Connecticut where Hartford has a mill rate of 74 and Greenwich a mill rate of 11 and everything in between that Greenwich raises $30 million on a single mill other communities raise only a modest amount of $100,000 or so,” Looney said..
Those swings in wealth are not necessarily helpful, according to Looney.
”In a state this small to have those kinds of contrasts is a real economic drag and an anchor on our state,” Looney said.
Looney added that “It is not another tax, it is a redistribution of property tax revenue. And many communities will benefit from it and see a significant decrease in their property tax liability.”