The city of Santa Fe’s newly legal “mansion tax” on luxury real estate is a step in the right direction to redistribute wealth, experts say, but the city still has a long way to go to solve its affordability crisis.

The tax applies to homes sold for more than $1 million within Santa Fe city limits, adding a 3% charge to the amount of the sale price that exceeds the million-dollar threshold. A house priced at $1.5 million would be subject to a tax of 3% on $500,000 under the law.

Send us your news Tell us about your business. CLICK HERE Send us your announcements, press releases, photos and more.

Albuquerque Journal business outlook reporters and editors want your story suggestions. Send your suggestions here to the business desk

Sign up now for free daily email newsletter

Busines

See Full Page