Today, for the first time in ten years, the U.S. House of Representatives has voted to repeal the federal estate tax. The final vote on HR 1105 was 240-179, with 233 Republicans and 7 Democrats voting yea. The bill was...
The facts on New Mexico’s Tax Climate
4.9%Individual Income TaxTop rate
6.9%Corporate Income TaxTop rate
$685Property Tax CollectionsPer Capita
New Mexico's Individual Income Tax System
New Mexico's personal income tax system consists of four brackets and a top rate of 4.9%. That rate ranks 16th lowest among states levying an individual income tax. New Mexico's state and local income tax collections per person were $553 in 2012 which ranked 13th lowest nationally.
50-State Table of Individual Income Tax Rates
50-State Table of State Individual Income Tax Collections
50-State Table of State and Local Individual Income Tax Collections Per Capita
New Mexico's Corporate Income Tax System
New Mexico's corporate income tax system consists of three brackets and a top rate of 6.9%. That rate ranks 24th highest among states levying a corporate income tax. New Mexico's state and local corporate income tax collections per person were $135 in 2012 which ranked 21st highest nationally.
50-State Table of Corporate Income Tax Rates
50-State Table of State and Local Corporate Income Tax Collections Per Capita
50-State Table of State Corporate Income Tax Collections Per Capita
New Mexico Sales and Excise Taxes
New Mexico levies a 5.13% general sales or use tax on consumers, which is below the national median of 5.95%. The average local sales tax rate is an additional 2.22%. New Mexico's state and local governments collect $1407 per person in general sales taxes and $366 per person in excise taxes, for a combined figure of $1773, which ranks 11th highest nationally. New Mexico's gasoline tax stands at 18.9¢ (7th lowest nationally), while its cigarette tax stands at $1.66 (20th highest nationally.)
50-State Table of State and Local General and Selective Sales Tax Collections Per Capita
New Mexico Property Tax Collections Relatively Low
New Mexico's state and local governments collected approximately $685 per person in property taxes in 2012, which ranks 4th lowest nationally.
State and local property tax collections per capita by state
Tax Freedom Day Arrives on April 8th in New Mexico
Tax Freedom Day is the day when Americans finally have earned enough money to pay off their total tax bill for the year. In 2014, New Mexico taxpayers worked until April 8th (7th earliest nationally) to pay their total tax bill. The Tax Freedom Days of neighboring states are: Utah, April 17th (ranked 21st latest nationally); Arizona, April 11th (ranked 15th earliest nationally); Texas, April 13th (ranked 19th earliest nationally); Oklahoma, April 11th (ranked 15th earliest nationally); and Colorado, April 22nd (ranked 13th latest nationally).
New Mexico's State and Local Tax Burden Below National Average
New Mexico's 2011 tax burden of 8.6% ranks 14th lowest out of 50 states, and is below the national average of 9.8%. New Mexico's taxpayers pay $3044 per capita in state and local taxes.
New Mexico's State-Local Tax Burden, 1977-Present
Other States' State/Local Tax Burdens
Map of U.S. Showing all State's Burdens and Ranks
Historical Chart Comparing All States' State/Local Tax Burdens from 1977 to 2009
New Mexico's 2015 Business Tax Climate Index Ranks 38
New Mexico ranks 38th in the Tax Foundation's State Business Tax Climate Index. The Index compares the states in five areas of taxation that impact business: corporate taxes, individual income taxes, sales taxes, unemployment insurance taxes, and taxes on property, including residential and commercial property. The ranks of neighboring states are as follows: Utah, 9th, Arizona, 23rd, Texas, 10th, Oklahoma, 32nd, and Colorado, 20th.
State Business Tax Climate Index (full study)
New Mexico Info
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