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.

AMENDMENT

LCO No.: 6267

File Copy No.: 518

Senate Calendar No.: 292


OFA Fiscal Note

State Impact: None

Municipal Impact:

Municipalities

Effect

FY 18 $

FY 19 $

Groton

Eliminates Revenue Loss in Bill

See Below

See Below

Explanation

The amendment reduces the revenue loss to Groton that occurs in the underlying bill. The amendment appears to make taxable any Odd Fellows Home property appraised at over $25 million. The appraised value has recently exceeded this threshold. To the extent the Home's appraised value continues to exceed $25 million, the town would be able to collect taxes on property above that threshold.

For example, if the home is appraised at $28 million, the town will collect approximately $63,000 in revenue. This would result in a net revenue loss to the town of approximately $240,000.

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.