LVT and New London
What's Happening Now that the Public Act to plan for implementing an LVT Pilot in New London has been passed and signed by the State Legislature and the Governor?
New London Pilot Committee
UPDATE: The Pilot Planning Committee released two reports: majority report (status quo) and the minority report (pilot two-rate for the downtown area year one).
Here is a summary of the Summary Report for the Pilot.
Several approaches to implementing LVT Pilot are under review by the NL Pilot Committee set up by the City. LVT can be implemented in at least a few ways all of which shift taxation from building improvement to land. Each have different outcomes based on the jurisdication's assessments at the time of LVT implementation. A series of maps and graphs as well as details on each of these approaches are provided here. All approaches reflect year one data utilizing the 2009 NL Grand Tax Roll valuations.
Here is a summary of the Summary Report for the Pilot.
Several approaches to implementing LVT Pilot are under review by the NL Pilot Committee set up by the City. LVT can be implemented in at least a few ways all of which shift taxation from building improvement to land. Each have different outcomes based on the jurisdication's assessments at the time of LVT implementation. A series of maps and graphs as well as details on each of these approaches are provided here. All approaches reflect year one data utilizing the 2009 NL Grand Tax Roll valuations.
The journey to Land Value Taxation in Connecticut is beginning here in New London.
Municipalities throughout the state, and we've been told, the country are watching to see how New London works through the process. But first, the City needed to apply for the Application to be considered for the LVT Pilot planning. The request needed to be formally approved by the City Council. Once the application was received, and completed, it needed to then be officially approved by the City Council to go forward to the Office of Policy and Management for submittal. Once received OPM reviewed and determined whether to approve New London's application request or not.
OPM did, in fact, approve New London's request and in so doing began the process of assembling a committee which will collect issues around implementation, speak to the impact, determine geographical implementation, review at least four implementation models for LVT and prepare and propose a LVT Pilot Implementation Plan for NL's City Council approval to move the plan forward to the State's Planning and Development and Finance Committees for their review and approval.
All of which must be complete by 2010 February 15!!
The Committee (consisting of 8 members representing citizens and stakeholders throughout the city) has been meeting every other week since 2009 November and will be accelerating that to weekly by the first of the year in order to have the plan completed and ready for a Council vote. The Committee meetings are well attended by some citizens, and various municipalities interested in New London's efforts, the Assessors' and City Manager's office.
The City Council members have come from time to time and are encouraged to listen in so they have an understanding of how the process is going, and more importantly, what is on the table so they can best respond to the vote which they will each have to consider in early February.
OPM did, in fact, approve New London's request and in so doing began the process of assembling a committee which will collect issues around implementation, speak to the impact, determine geographical implementation, review at least four implementation models for LVT and prepare and propose a LVT Pilot Implementation Plan for NL's City Council approval to move the plan forward to the State's Planning and Development and Finance Committees for their review and approval.
All of which must be complete by 2010 February 15!!
The Committee (consisting of 8 members representing citizens and stakeholders throughout the city) has been meeting every other week since 2009 November and will be accelerating that to weekly by the first of the year in order to have the plan completed and ready for a Council vote. The Committee meetings are well attended by some citizens, and various municipalities interested in New London's efforts, the Assessors' and City Manager's office.
The City Council members have come from time to time and are encouraged to listen in so they have an understanding of how the process is going, and more importantly, what is on the table so they can best respond to the vote which they will each have to consider in early February.