Home Excise Taxes keep this dream from coming true…
Local governments in New Mexico are considering proposals to levy home excise taxes on residential property. For example, for every $100,000 of a property subject to the real estate excise tax, the local government could assess $1,000 in local real estate excise taxes. Only 12 states in the nation allow local jurisdictions to tax real estate transfers.
Real estate taxes are just another tax on New Mexico homeowners that will penalize them for buying and selling their home. Real estate taxes are dream breakers for homeowners’ children and grandchildren who will be the ones most hurt by this tax increase as they unable to find affordable homes.
By increasing closing costs on home purchases, home excise taxes make it difficult for many families to quality for home financing.
