Taxes in New Mexico

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 rank?  Below, we have highlighted a number of tax rates, ranks, and measures detailing New Mexico’s income tax, business tax, sales tax, and property tax systems. Click the tabs below to explore!

Top Individual Income Tax Rate

4.9%

See Full Study

State and Local Individual Income Tax Collections per Capita

$640

Click for a comparative tax map!

State and Local Tax Burden

8.7%

Click for a comparative tax map!
See Full Study

Top Corporate Income Tax Rate

5.9%

See Full Study

State Business Tax Climate Index Ranking

22

See Full Study

State Sales Tax Rate

5.125%

Click for a comparative tax map!
See Full Study

Average Local Sales Tax Rate

2.70%

See Full Study

Combined State and Average Local Sales Tax Rate

7.83%

Click for a comparative tax map!
See Full Study

State and Local General Sales Tax Collections per Capita

$989

Click for a comparative tax map!

State Gasoline Tax Rate (cents per gallon)

18.88¢

Click for a comparative tax map!

State Cigarette Tax Rate (dollars per 20-pack)

$2.00

Click for a comparative tax map!

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

0.68%

Click for a comparative tax map!

State and Local Property Tax Collections Per Capita

$792

Click for a comparative tax map!

Featured Articles

A Visual Guide to Unemployment Benefit Claims

April 2, 2020

Facts and Figures 2020: How Does Your State Compare?

February 13, 2020

Tax Trends at the Dawn of 2020

January 6, 2020

Sales Tax Holidays: Politically Expedient but Poor Tax Policy, 2019

July 24, 2019

State Tax Changes as of July 1, 2019

July 11, 2019

2019 State Business Tax Climate Index

September 26, 2018


Related Articles

New Census Data Shows States Beat Revenue Expectations in FY 2020

April 2nd Evening State Tax Update

A Visual Guide to Unemployment Benefit Claims

March 24th Morning State Tax Update

Facts and Figures 2020: How Does Your State Compare?

Tax Trends at the Dawn of 2020

Results of 2019 State and Local Tax Ballot Initiatives

State and Local Tax Ballot Measures to Watch on Election Day 2019

States Move on Recreational Marijuana

Sales Tax Holidays: Politically Expedient but Poor Tax Policy, 2019

State Tax Changes as of July 1, 2019

Facts and Figures 2019: How Does Your State Compare?

New Mexico Tax Increase Package Advances

2019 State Business Tax Climate Index

State Tax Changes That Took Effect on January 1, 2018

Santa Fe Soda Tax Proposal Fails

Santa Fe Votes on Soda Tax Today

Several States Will Start 2017 with Corporate Tax Reductions

Lunch Links: Questionable Trump Tax Maneuver to Avoid Debts Cited; Colorado Rebuts Arizona Ads Opposing State’s Marijuana Voter Proposition; Left’s Opposition to Washington Carbon Tax Criticized; Yale Daily News Endorsement Puts Tax Exemption at Risk

Lunch Links: House Ways and Means Approves Four Tax Bills; California Assesses Proposition 13; New Mexico Considering Tax Changes; New Fiscal Year Finds Kansas in Debt Already