Santa Fe mayor wants tax on expensive home sales

TONIGHT SANTA FE'S CITY COUNCIL IS EXPECTED TO VOTE ON WHAT'S BEING CALLED THE ROBIN HOOD TA...  More »

TONIGHT SANTA FE'S CITY COUNCIL IS EXPECTED TO VOTE ON WHAT'S BEING CALLED THE ROBIN HOOD TAX. IT'S A TAX ON HOMES THAT SELL FOR MORE THAN 650-GRAND -- THE MONEY WOULD GO TOWARD AFFORDABLE HOUSING IN A CITY KNOWN FOR ITS EXPENSIVE REAL ESTATE .. SANTA FE BUREAU CHIEF RAY SEVA TAKES A LOOK AT THE CONTROVERSIAL TAX. THE CITY OF SANTA FE WANTS TO IMPOSE A 1-PERCENT TAX ON THE AMOUNT THAT EXCEEDS 650- THOUSAND DOLLARS WHEN A HOME IS SOLD. SO ON A 750- THOUSAND DOLLAR SALE, 100-THOUSAND DOLLARS WOULD BE TAXED ...MEANING THE SELLER AND BUYER WOULD PAY A THOUSAND DOLLARS. THIS REVENUE WOULD CREATE A PROGRAM TO HELP LOWER-INCOME HOMEBUYERS WITH DOWNPAYMENTS--OR RENTERS PAY RENT. SUPPORTERS SAY THIS WOULD HELP KEEP CITY WORKERS HERE IN SANTA FE. 'I don't think it's unfair at all. I think on a 750- thousand dollar home that the people buying those homes would in most cases would be glad to pay this fee.' BUT REALTORS SAY IT'LL DRIVE UP ALREADY-HIGH HOME PRICES...AND DISCOURAGE A LARGE PART OF THE COMMUNITY FROM BUYING. 'It's an unfair tax because it clearly targets the middle-class. It's discriminatory.' IT'S AN ISSUE WHICH HAS ALSO DIVIDED MANY HERE IN THE PREDOMINANTLY- LIBERAL 'CITY DIFFERENT.''It is excessive. It's not fair. It's having one section of the community have to carry the burden.''I think it's a good idea-affordable housing. We need it. You know, not all of us can afford homes. So I think it's a good idea 'I generally am for taxing high-end income people But in this market right now I think it's a real bad choice of how to raise money.''Mayor Coss says he has the votes from city councilmembers for approval of the measure to be put on a ballot. It'll then go before voters in a special election in Augusst. At Santa Fe City Hall, Ray Seva Eyewitness News Four.' SUPPORTERS OF THE TAX SAY BETWEEN 500- THOUSAND TO A- MILLION-AND-A-HALF DOLLARS WOULD BE GENERATED ANNUALLY. OPPONENTS SAY GIVEN TODAY'S WEAK REAL-ESTATE MARKET, THOSE FIGURES ARE TOO  « Less