By Paradise Valley Independent
Amid the emergence of taxes on the ultra-rich, Valley Realtors are seeing an uptick in interest from that demographic to relocate to this state.
Local real estate agents to the elite have received an influx of calls and visits from the ultra-rich looking to potentially relocate and buy homes in affluent Arizona areas such as Paradise Valley and Scottsdale.
In March, Washington Gov. Bob Ferguson signed Senate Bill 6346, or the Millionaires’ Tax, into law, which creates a tax on income over $1 million in a single year.
While it is not a tax on total income or property values, it applies to long-term capital gains, such as the sale of stocks and bonds, and is estimated to affect less than 1% of Washington households, around 20,000.
