The Conservation Commission will host a guest speaker at its monthly meeting (tonight, 7PM, Council Chambers). The speaker will be Amy Paterson, from the Connecticut Land Conservation Council. She will speak about the Community Redevelopment and Conservation Act (CRCA). This proposal will be considered in the next session of the state legislature.
It would allow municipalities to charge real estate purchasers a conveyance tax which could be used for land preservation, historic preservation, alternative transportation infrastructure, and other projects which enhance the living environment of its residents.
From the Land Conservation Council fact sheet about the CRCA:
The CRCA would allow—but not require—municipalities to establish a conveyance tax (up to 1%) on buyers of real property on the sale amount over $150,000.
These funds are fully retained by the municipality giving local control and flexibility to prioritize local needs.
This resource can be used for the planning and implementation of:
Alternative Transportation Infrastructure
Clean Air Projects
Green Building Retrofits
Water Treatment and Storm Sewers
Working Lands and Open Space
This steady stream of income from purchases within the community will help those communities provide the local match requirements for funding opportunities, and to leverage borrowed funds at a reduced rate. The CRCA will augment the value of an investment in the community by enhancing local economies, public health, and the environment.
The text of the Community Redevelopment and Conservation Act:
a) A municipality may establish a buyer's tax on the conveyance of real property, occurring on or after July 1, 2013, at the rate of not more than one per cent of the consideration paid by the buyer in excess of one hundred fifty thousand dollars. Such tax shall be retained by the municipality, shall be kept in a separate account and shall be used for the planning and implementation of any of the following purposes: (1) brownfield remediation, (2) water treatment and storm sewers, (3) clean air projects, (4) energy conservation, (5) alternative transportation infrastructure, (6) historic preservation, (7) green building retrofits, or (8) purchase of development rights to, or acquisition of, open space land, forest land, farm land or waterfront property by the municipality or by the municipality in cooperation with the state or federal government or with a private organization such as a land trust.
(b) Conveyances resulting in the preservation of open space land, forest or farm land shall be exempt from any tax established pursuant to the provisions of subsection (a) of this section.
(c) The tax established by subsection (a) of this section shall not apply to any deeds, transfers or conveyances enumerated in subsection (a) of section 12-498 of the general statutes.