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New Mexico
By the Numbers

New Mexico Below is a snapshot of key features of New Mexico's tax system. (Scroll Down)
State & Local Revenue (FY10)
  • General Revenue, Own-Source (GROS): $11.0 billion
  • General Revenue as a Share of Income: 16.5%
  • Tax Revenue: $6.5 billion
  • Tax Revenue as Share of income: 9.8%
  • Personal Income Tax (Share of Tax Revenue): 14.6% (39 out of 51)
  • Corporate Income Tax (Share of Tax Revenue): 1.9 % ( 39 out of 51)
  • Sales & Excise Tax (Share of Tax Revenue): 49.8 % ( 7 out of 51)
  • Property Tax (Share of Tax Revenue): 19.8 % ( 47 out of 51)
  • Other Taxes (Share of Tax Revenue): 11.8 % (8 out of 51)
Personal Income Tax Features (2012)
  • Range of Tax Rates: 1.7% - 4.9%
  • Standard Deduction: $5,950 ($11,900 for Married Couples)
  • Personal Exemption: $3,800
  • Dependent Exemption: $3,800
  • Earned Income Tax Credit (EITC): 10% Refundable
  • Notable capital gains preference
  • Personal exemption phases out for high income levels
Corporate Income Tax Features (2012)
  • Range of Tax Rates: 4.80% - 7.60%, top rate phasing-down to 5.9% by 2018
  • Income Level at Which Top Rate Applies: $1,000,000
  • Combined Reporting: No
  • Apportionment Factor (Payroll): 33%
  • Apportionment Factor (Property): 33%
  • Apportionment Factor (Sales): 33%
  • Apportionment Note: Optional Single Sales Factor will be phasing-in for manufacturers between 2014 and 2018
Sales Tax Features (2012)
  • State Sales Tax Rate: 5.125%
  • Average Local Sales Tax Rate: 1.475%
  • Average Combined State & Local Sales Tax Rate: 6.60%
  • 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 2013
  • Sales tax is actually a Gross Receipts Tax (GRT)
  • Sales tax holiday offered in 2013
Property Tax Features (2012)
  • Provides a small homestead exemption.
  • Cap on local taxing districts' property tax revenue.
Other Tax & Revenue Features (2012)
  • 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 October 4, 2012

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