2010 TaxGrams™
TaxGrams logoNew Mexico state seal
State and Local Taxes
New Mexico State Tax Summary

New Mexico state tax summary, including corporate and individual New Mexico income taxes, credits, exemptions, deductions and more. Includes New Mexico estate, gift and inheritance tax, miscellaneous New Mexico taxes, pass-through entity treatment, payroll taxes, property taxes and New Mexico sales & use taxes.

New Mexico ranks #23 on the State Business Tax Climate Index (TaxFoundation.org).

For more links, search, help, forms and more, click on the tabs below or go to:

    taxmOuth New Mexico Taxes

New Mexico Tax Contacts

New Mexico Tax FAQs

New Mexico Tax Forms

New Mexico Corporate Taxes

  • taxmOuth New Mexico Corporate Taxes
  • New Mexico Tax Rates & Brackets:

    4.8%> $0
    6.4%> $500,000
    7.6%> $1,000,000
  • Loss Carry-back/fwd: 0 Years Back / 5 Years Forward (Unlimited)
  • Throwback Sales?: Y
  • Foreign Tax Deductible?: Y
  • Alternative Minimum Tax (AMT): N
  • Gross Receipts Tax: N
  • Capital Stock (Net Worth) Tax?: N

New Mexico Tax Incentives and Credits

New Mexico Individual Income Taxes

  • taxmOuth New Mexico Individual Income Taxes
  • New Mexico tax rates and brackets:

    1.7%> $0
    3.2%> $5,500
    4.7%> $11,000
    4.9%> $16,000
  • Local Option IT Rate: None
  • Federal Inc used as Base?: Y
  • Standard Deductions: Single $5,450 / Joint $10,900
  • Personal Exemptions/Credits (c): Single $3,500 / Joint $7,000 / Dependent $3,500
  • Federal Tax Deductible?: N
  • State Tax Deductible?: Y
  • Alternative Minimum Tax (AMT)?: N

New Mexico Estate, Gift and Inheritance Taxes

New Mexico Miscellaneous Taxes

New Mexico Pass-through Tax Treatment

New Mexico Payroll Taxes

New Mexico Property Taxes

  • taxmOuth New Mexico Property Taxes
  • Median Tax Paid on Homes (Rank): $843 (#42)
  • Median Value of Homes: $165,100
  • Tax as % of Home Value (Rank): 0.51% (#42)
  • Median Income of Homeowner: $52,861
  • Tax as % of Income (Rank): 1.59% (#40)

New Mexico Sales and Use Taxes

  • taxmOuth New Mexico Sales and Use Taxes
  • State Rate: 5.00%
  • County & City (Weighted Ave): 1.40%
  • Combined State and Ave. Local Rates (Rank): 6.40% (#28)
  • General Treatment of Services: Taxable
  • Gasoline: Exempt
  • Groceries: Exempt

« Back to State Tax Summary Home