They don't rely on obscene tax rates on
only residences, they
also rely on obscene tax rates on companies. Most if not all of the largest 25 taxpayers are companies, and they don't only pay taxes on the land and building, but also the personal property inside. Imagine also paying taxes on your laptop, TV and kitchen appliances. Now multiply that times the tens, hundreds, or thousands of employees at your building. Hartford got 3/4 of a billion in personal property taxes alone last year. It's one of the reasons Eversource paid $12 million in taxes in one year.
I know, the wage tax would just be passed through to the employees, but a) try selling that to the employees and b) how do you tax someone who telecommutes? You're creating an advantage for the employees who work from home by giving them an artificial raise. What if the amount of time they spend in the office varies week to week? You're creating an administrative nightmare for the company in terms of tracking and fairly applying that tax. And that's going to be an additional expense you can't pass along to the employees. Instead, it's one more reason not to do business in Hartford.
I don't have the answer, but it almost certainly isn't new taxes. Companies are leaving Hartford and Connecticut in general due to high taxes. We have so many buildings for lease it's sad. If we lowered the tax rate, but were able to build up the occupancy, we could (
could) see increased revenues. If we raise taxes, we almost certainly won't encourage anyone to come here, and will likely drive more companies out.
Eversource, Insurance Companies Among Top Taxpayers In Hartford