The 3% tax on home sales of $1 million or more has elicited a lawsuit and backlash from local realty groups.
Santa Fe has received the first payments from a new tax on home sales over $1 million, reports Bela Olague for KRQE News.
The revenue from the 3% tax will go toward the city’s affordable housing trust fund. “The fund goes towards things like homeownership assistance, affordable housing developments and construction, and rental assistance for low-income renters.”
The measure, which was approved by voters two years ago, was held up by a lawsuit that the city won in October. “Despite the ruling, the Santa Fe Association of Realtors told News 13 in October, they will continue to argue that the three-percent home excise tax is unlawful.”
FULL STORY: First payments collected from Santa Fe high-end excise tax for affordable housing
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