Santa Fe considers tax on mansions as housing prices soar

Published November 3, 2023 8:36 AM

By MORGAN LEE
Associated Press

SANTA FE, N.M. (AP) — Outrage over the price of basic housing is spurring calls for a tax on mansions in a Southwestern city cherished by tourists and second-home owners for its adobe architecture and Rocky Mountain vistas. A Nov. 7 ballot initiative would place a 3% tax on home sales after the first $1 million. The money would go into an affordable housing trust. The tax is being pitched as a lifeline to teachers, service-sector workers and young professionals who can’t afford mortgages or struggle with rent. The Santa Fe Association of Realtors is suing to block the tax, saying it oversteps the city’s authority under state law.

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