Santa Fe voters to decide on new high-end home tax

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SANTA FE, N.M. — Santa Fe may see a new tax on houses sold for more than a million dollars – but first, voters have to approve it.

Any home sold for more than $1 million in Santa Fe would be subject to a 3% tax for the amount sold over $1 million. The tax money would go to a city fund that provides mortgage and rental assistance.

For a $1.6 million home, the tax would be $19,500. For a $24.5 million home, the tax would be $705,000.

The proposal had dozens of Santa Fe citizens eager to comment. They shared their stories of struggling to pay rent or buy a home in Santa Fe. According to Zillow, the average home price in the city is well above half a million dollars.

Santa Fe residents are experiencing the same reality as renters and buyers across New Mexico, where the cost of living continues to rise.

City councilors approved the ballot question in an 8-1 vote. Voters will make the final decision in November.