HARTFORD, Conn. (CBSNewYork) – High as they are in Connecticut, local property taxes aren’t covering the cost of running the towns and cities.

WCBS 880 Connecticut Bureau Chief Fran Schneidau On The Story

The Connecticut Conference of Municipalities has come up with a formula to change that, in hopes the governor and lawmakers will tackle it in the upcoming legislative session.

Jim Finley, CEO of the organization, says the first order of business is to reform the way Connecticut finances public education.

“The state is underfunding its main education grant by over $700 million a year and is underfunding special education reimbursements by over $700 million a year,” he told WCBS 880 Connecticut Bureau Chief Fran Schneidau.

Finley says the plan calls for phasing in more state funding as the state’s economy turns around. That, he says, could take three to five years.

“We’d like to see the state expand its new revenue sharing program with towns and cities so that towns and cities will get more state revenue from state taxes in order to reduce the reliance on the property tax,” Finley said.

To read the plan, click here.

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