New Mexico

What's New



By the Numbers

Personal Income Tax Features (2015)
Range of Tax Rates 1.7% - 4.9%
Standard Deduction
  • $6,300 ($12,600 for Married Couples)
  • Personal Exemption $2,500
    Dependent Exemption $2,500
    Earned Income Tax Credit (EITC) 10% Refundable
  • Notable capital gains preference
  • Personal exemption phases out for high income levels
  • Corporate Income Tax Features (2015)
    Range of Tax Rates Personal exemption phases out for high income levels
    Income Level at Which Top Rate Applies N/A
    Combined Reporting 4.80% - 6.90%, top rate phasing-down to 5.9% by 2018
    Apportionment Factor (Payroll) $1,000,000
    Apportionment Factor (Property) No
    Apportionment Factor (Sales) 33%
    Sales Tax Features (2015)
    State Sales Tax Rate 5.125%
    Average Local Sales Tax Rate 1.525%
    Average Combined State & Local Sales Tax Rate 6.65%
    State Sales Tax Treatment of Groceries Exempt
    Local Sales Tax Treatment of Groceries Exempt
    Number of Services Taxed 74 out of 168 surveyed (2007)
    Streamlined Sales Tax Membership No
  • Sales tax holiday offered in 2014
  • Sales tax is actually a Gross Receipts Tax (GRT)
  • Sales tax holiday offered in 2014
  • Property Tax Features (2015)
  • Provides a small homestead exemption.
  • Cap on local taxing districts' property tax revenue.
  • Other Tax & Revenue Features (2015)
    Gasoline Tax Rate (per gallon) $0.189
    Diesel Tax Rate (per gallon) $0.228
    Cigarette Tax Rate (per pack) $1.66
    Estate or Inheritance Tax No
    Net Lottery Sales Per Capita $67 (2010)
    Tax Policy Oversight
    Tax Expenditure Report Yes
    Tax Incidence Analysis Capability Personal income tax only

    Last updated January 13, 2015