Santa Fe Gets ‘Mansion Tax’ Revived by New Mexico Appeals Court

The City of Santa Fe may collect its 3% excise tax on home sales exceeding $1 million after the New Mexico Court of Appeals ruled Monday that real estate agents don’t have standing to challenge the measure.

The agents didn’t offer any evidence of that the tax will cause an “actual or imminent” adverse impact to the city’s housing market—such as an example of the tax deterring a prospective home buyer from purchasing a house in Santa Fe—or that homes worth more than $1 million will become less valuable, Judge Megan P. Duffy wrote for the court in an unpublished ...