I just received word from a friend in New London that the Connecticut legislature, on its next to last day of sessions for this year, passed the enabling legislation for New London to utilize Land Value Taxation.
This permits New London to separate the millage rate on land value from the millage rate on buildings, and to raise the millage rate on land value while lowering the millage rate on buildings.
New London has a lot going for it in terms of location. It sits on Long Island Sound, near the Groton submarine base and the Thames River. It is served by Amtrak (including Acela) and by weekday commuter trains to New Haven. It is the jumping off place for ferries to Block Island, Fishers Island, Montauk Point. It has the Coast Guard Academy, Connecticut College and Mitchell College, and a large Pfizer research facility. Years ago, it had trolleys from its suburbs.
It also has a lot of parking lots downtown. Far more than are healthy. It has a lot of out of town landowners, who appear to be sitting and waiting for someone else to make their land valuable.
I look forward to watching ReNew London succeed in transforming New London into the small city for the 21st century which its organizers know it can be. LVT is a good step in that direction. And I hope the rest of Connecticut will be paying attention.
Post Script: according to Thursday's New London Day, the bill passed the CT House of Representatives unanimously, 148-0:
"The bill, which has strong support from the city's delegation and municipal officials, would create a pilot program limited just to New London, and would permit the city to draft a plan wherein it would tax buildings and unimproved land at differing rates. Supporters believe the system can encourage redevelopment and the improvement of blighted urban areas while promoting smarter land-use policies for cities."
Great post. I enjoyed reading thanks.
Posted by: Property in Turkey | February 11, 2010 at 04:54 PM