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.
Santa Fe may see a new tax on houses sold for more than a million dollars – but first, voters have to approve it.
City councilors approved the ballot question in an 8-1 vote. Voters will make the final decision in November.