Taxes in New Mexico

Top Individual Income Tax Rate

4.9%

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State and Local Individual Income Tax Collections per Capita

$595

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State and Local Tax Burden

8.7%

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Tax Freedom Day

April 11

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Top Corporate Income Tax Rate

6.60%

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State Business Tax Climate Index Ranking

35

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State Sales Tax Rate

5.125%

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Average Local Sales Tax Rate

2.38%

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Combined State and Average Local Sales Tax Rate

7.51%

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State and Local General Sales Tax Collections per Capita

$1403

State Gasoline Tax Rate (cents per gallon)

18.88¢

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State Cigarette Tax Rate (dollars per 20-pack)

$1.66

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Property Taxes Paid as a Percentage of Owner-Occupied Housing Value

$0.66%

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State and Local Property Tax Collections Per Capita

$685


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