Gov. Dannel P. Malloy said Friday his proposed budget would shift $407.6 million, nearly one-third of the annual cost of municipal school teachers’ pensions, onto cities and towns — a move that would hit the state’s wealthiest communities the hardest.

Malloy also said the two-year budget he will present Wednesday to the General Assembly would propose eliminating the $200 property tax credit within the income-tax system, costing nearly 875,000 middle-class households as much as $105 million per year based on nonpartisan analysts’ estimates.

Unlike nearly all other state education aid, the state contribution to teacher pensions does not factor in a town’s wealth or local taxpayers’ ability to pick up some of the cost. It proportionately funnels the most aid to districts that can afford to hire more teachers and provide the highest salaries.

“At a time when state government is making difficult cuts to services, we can no longer exclude how we pay for teachers’ pensions from this conversation,” Malloy said.

Overall state finances, unless adjusted, are on pace to run $1.4 billion in deficit next fiscal year and $1.6 billion in the red in 2018-19, gaps of about 8 percent, according to nonpartisan analysts.

The governor said some the $407.6 million his proposal would save would go to close the deficit and some to the most impoverished school districts, but he declined to provide details.

Malloy’s proposal comes a few months after a Superior Court judge lambasted how the state funds its worst-off schools and concluded, “The state of education in some towns is alarming.”

The governor said that ruling and the condition of education in the most impoverished districts has been weighing on him for some time. “We are not meeting the need of properly educating our children in this state,” Malloy told reporters at the state Capitol Friday. “We are failing a substantial portion” of students. The proposal would not affect the benefits that now go to retired teachers.

Democratic legislative leaders and the executive directors of the state’s school boards association and the state’s largest teachers’ union reacted cautiously, saying they want to judge the proposal in the broader context of total state aid.

“You really can’t talk about that in isolation until you see what else is going on,” said Senate President Pro Tem Martin M. Looney, D-New Haven. “You want to see if there is going to be an infusion of new air through ECS or PILOT.”

ECS is the major state funding grant for local education. PILOT refers to the payments in lieu of taxes that partly reimburse municipalities for tax-exempt property.