Santa Fe Transfer Tax
On June 25, 2008, the Santa Fe City Council will vote on a proposal called the "Workforce Housing Initiative" that will levy a 1% tax when residential property over $650,000 is transferred. Proponents say that the new transfer tax will help fund the city's housing plan. However, there is no certainty that such a tax will remain at this threshold, at the tax rate proposed, or whether the first $650,000 of value will be exempted. It is also unclear if the money will be dedicated for any new housing initiatives.
The hearing scheduled for 7:00 p.m. on June 25th at City Hall in City Council Chambers will allow members of the public to voice their opposition to the new transfer tax. If you have an opinion about the transfer tax, please consider attending the meeting to hear more about the proposal and speak your mind. My opinion is that the proposed tax will not meet the housing needs of the city, is inequitable, will increase the cost of homes and will capture more homes over time as homes increase in value. In these uncertain economic times with gas and food prices rising, Santa Fe can't afford another tax.
The hearing scheduled for 7:00 p.m. on June 25th at City Hall in City Council Chambers will allow members of the public to voice their opposition to the new transfer tax. If you have an opinion about the transfer tax, please consider attending the meeting to hear more about the proposal and speak your mind. My opinion is that the proposed tax will not meet the housing needs of the city, is inequitable, will increase the cost of homes and will capture more homes over time as homes increase in value. In these uncertain economic times with gas and food prices rising, Santa Fe can't afford another tax.
Labels: Santa Fe
posted by Steve Hardy at
2:00 PM
I don't like taxes. With that said, if the money is truly used for affordable housing for Santa Fe residents, it is a good tax.
I have lived in both Hawaii and Santa Fe and "locals" have had to move to new towns and states because they cannot afford to stay home. You don't want a place to be made up of only wealthy people from elsewhere. You need balance.
I think the minimum home value should be higher like $1,500,000.00 with a higher tax rate to capture the same amount of revenue being contemplated with a 1% tax on the lower amount.
Safeguards should also be built in so that homes that are purchased by the middle class in Santa Fe are not caught up in the tax like the Federal ATM. Stipulations that the tax may only be spent on affordable housing need to be ironclad.