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Tax Summary
- New Mexico has seven different tax brackets ranging from 1.7% to 8.2% depending upon how much you earn.
- Personal exemption for a single individual is $3,000. Exemption for a married couple is $6,000. Dependents earn an exemption of $3,000 each.
- Technically, there is no sales tax in New Mexico, but the gross receipts tax is 5%. Most merchants pass this on to consumers, so it looks very much like a sales tax.
- Various cities and counties have an additional local tax, which can bring the total of the “sales tax” to as much as 7.19%.
- Services are taxable in New Mexico.
- Property taxes are assessed on residences at market value, although tax rates vary substantially depending upon location of property and other considerations.
- A property tax rebate is available for those 65 and older.
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