Santa Fe voters to decide if million-dollar homes should face excise tax

SANTA FE, N.M. (KRQE) – Voters in Santa Fe will now decide if the city should tax wealthy home buyers.

The ordinance would add a 3% excise tax on sales of homes that cost a million dollars or more, which would charge 3% on every dollar over a million.
 
In a case where a house is $1.2 million, the tax would only be applied to the $200,000, which would mean a $6,000 one-time payment.

The money would then go towards the city’s Affordable Housing Fund. After a special meeting last week, City Council approved putting the measure on the November ballot.

The Santa Fe Association of Realtors argues the measure is not fair because it places a tax on a narrow group of home buyers.