Santa Fe City Council Votes Down Real Estate Transfer Tax

There is good news for Santa Fe homeowners and those individuals trying to sell or purchase real estate in Santa Fe. On Tuesday night, the City Council voted down the real-estate transfer tax with a vote of 4-3 against the proposed tax. This will not be one of the items to advance onto the March 2008 Election Ballot. The proposed tax would have introduced a 1 percent fee on homes and property valued at over $500,000, with money to be utilized largely for work-force housing for Santa Fe's public-safety staff.

Mayor David Coss expressed his concerned that this one item on the ballot would overshadow other initiatives on the ballot that councilors wanted to see put to a vote in March.

City Council members voting to keep the real estate transfer tax from moving ahead were Councilors Bushee, Chavez, Dominquez, and Trujillo. Other Council members voting in favor of the transfer tax were Councilors Calvert, Heldmeyer and Wurzburger.

So for now, those who are selling their homes or planning to buy in Santa Fe can breathe a sigh of relief for now that this measure will not be on the March 2008 ballot.







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