OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

http://www.cga.ct.gov/ofa

SB-377

AN ACT AMENDING THE CHARTER OF THE ODD FELLOWS HOME OF CONNECTICUT.

As Amended by Senate "A" (LCO 6267)

Senate Calendar No.: 292


OFA Fiscal Note

State Impact: None

Municipal Impact:

Municipalities

Effect

FY 18 $

FY 19 $

Groton

Revenue Loss

240,000

240,000

Explanation

The bill results in a revenue loss of approximately $240,000 to the town of Groton. The bill appears to make tax-exempt any appraised property owned by the Odd Fellows Home of Connecticut below a $25 million threshold. The town is currently taxing the Home on the full value of its assessed property, resulting in a revenue gain of approximately $300,000. The bill allows Groton to tax the assessed value of any property associated with an appraised value over the $25 million threshold, totaling approximately $60,000 in revenue. To the extent that absent the bill the town of Groton would have continued taxing the Odd Fellows Home on its entire assessed value, there is a net revenue loss to the town of $240,000 associated with the bill.

Senate “A” reduced the revenue loss in the underlying bill by changing the threshold from assessed value to an appraised value.

The Out Years

The annualized ongoing fiscal impact identified above would continue into the future subject to inflation.

The preceding Fiscal Impact statement is prepared for the benefit of the members of the General Assembly, solely for the purposes of information, summarization and explanation and does not represent the intent of the General Assembly or either chamber thereof for any purpose. In general, fiscal impacts are based upon a variety of informational sources, including the analyst's professional knowledge. Whenever applicable, agency data is consulted as part of the analysis, however final products do not necessarily reflect an assessment from any specific department.