Top Rates in Each State Under Joe Biden’s Tax Plan
President Joe Biden’s tax plan would yield combined top marginal state and local rates in excess of 60 percent in three states: California, Hawaii, and New Jersey (also New York City).
4 min read
New Mexico Tax Rates, Collections, and Burdens
How does New Mexico’s tax code compare? New Mexico has a graduated state individual income tax, with rates ranging from 1.70 percent to 5.90 percent. New Mexico has a graduated corporate income tax, with rates ranging from 4.8 percent to 5.9 percent. New Mexico also has a 4.88 percent state sales tax rate and an average combined state and local sales tax rate of 7.62 percent. New Mexico has a 0.67 percent effective property tax rate on owner-occupied housing value.
New Mexico does not have an estate tax or inheritance tax. New Mexico has an 18.88 cents per gallon gas tax rate and a $2.00 cigarette excise tax rate. The State of New Mexico collects $5,179 in state and local tax collections per capita. New Mexico has $7,294 in state and local debt per capita and has a 65 percent funded ratio of public pension plans. Overall, New Mexico’s tax system ranks 23rd on our 2024 State Business Tax Climate Index.
Each state’s tax code is a multifaceted system with many moving parts, and New Mexico is no exception. The first step towards understanding New Mexico’s tax code is knowing the basics. How does New Mexico collect tax revenue? Click the tabs below to learn more! You can also explore our state tax maps, which are compiled from our annual publication, Facts & Figures 2024: How Does Your State Compare?
Tax Data by State
Get facts about taxes in your state and around the U.S.
State Tax Data
Individual Taxes
Business Taxes
Sales Taxes
All Related Articles
New Census Data Shows States Beat Revenue Expectations in FY 2020
State tax revenue collections were down 5.5 percent in FY 2020, driven by a dismal final quarter (April through June) as states began to feel the impact of the COVID-19 pandemic. While these early losses are certainly not desirable, they are manageable and far better than many feared.
16 min read
April 2nd Evening State Tax Update
California extends tax filing and payment deadline to July 31 for a broad spectrum of business taxes as Virginia keeps May 1st tax filing deadline.
4 min read
A Visual Guide to Unemployment Benefit Claims
Another 1.4 million Americans filed initial regular unemployment benefit claims, the eleventh week of a decline in the rate of new claims, but still among the highest levels in U.S. history. The total number of new and continued claims now stands at 19.3 million, a marked decline from the peak of 24.9 million a month ago.
7 min read
Facts and Figures 2020: How Does Your State Compare?
Our updated 2020 edition of Facts & Figures serves as a one-stop state tax data resource that compares all 50 states on over 40 measures of tax rates, collections, burdens, and more.
1 min read
Tax Trends at the Dawn of 2020
From remote sales tax collection to taxes on marijuana and vaping products, we recap the top state tax trends from 2019 and break down which ones you should watch for in 2020.
38 min read
Results of 2019 State and Local Tax Ballot Initiatives
Election Day 2019 will feature notable tax-related ballot measures in California, Colorado, New Mexico, Pennsylvania, Texas, and Washington. Once the polls close tonight, beginning with Pennsylvania and Texas at 8 PM EST, we will begin tracking the results as they come in.
4 min read
States Move on Recreational Marijuana
5 min read
Sales Tax Holidays: Politically Expedient but Poor Tax Policy, 2019
If a state must offer a “holiday” from its tax system, it is an implicit recognition that the state’s tax system is uncompetitive.
44 min read