State Tax in New Mexico

All tax returns in the “Land of Enchantment” (New Mexico’s nickname) are due on the 15th of April. If the 15th turns out not to be a business day, the next business day is automatically scheduled for tax returns by New Mexico Taxation and Revenue Department laws. New Mexico Taxation and Revenue Department is working to enable tax filers to file State taxes electronically.

There are four tax brackets in the great State of New Mexico:

  1. 1.7 per cent on the first $ 5,500 of taxable income
  2. 3.2 per cent for a taxable income between $ 5,501 and $ 11,000
  3. 4.7 per cent for a taxable income between $ 11,001 and $ 16,000
  4. 5.3 per cent for a taxable income of $ 16,001 and over

Gross Receipts Tax in New Mexico

New Mexico has a Gross Receipts tax that closely resembles Sales Tax. It is a combined tax imposed by the municipality, county, and State and varies between 5.125 per cent and 8 per cent. The State of New Mexico implemented the elimination certain State taxes on food and medical services from January 1st 2005. Gasoline is taxed at 18 cents per gallon while, diesel is taxed at 19 cents per gallon. A pack of 20 cigarettes is taxed at 91 cents.

Personal And Property Tax in New Mexico

The State of New Mexico does not levy any tax on registered aircraft, household items, personal belongings, vehicles, etc. Property Tax in the State of New Mexico levied on the value of the property. Property is assessed at market value by assessors through a sales comparison approach. There are special tax rebates for senior citizens and qualified New Mexicans. All applications for such rebates and/or exemptions must be filled and submitted completed before the last business day of the month of February to be accepted.

If you are in need of legal tax assistance, consult with a Tax Attorney in your area to discuss the details of your case..

Inheritance Tax in New Mexico

New Mexico has no inheritance tax but all inheritances are to be filled as gross income. Gross Receipts Tax is then levied on the “income”.

New Mexico Taxation And Revenue Department

Rick Homans is the current Secretary of New Mexico Taxation and Revenue Department. Appointed by Governor Bill Richardson Rick Homans is believed to be responsible for the Richardson Administration’s tax relief initiatives. There has been reduction in High Wage Jobs Tax and the Income tax has been reduced from 8.2 per cent to 4.9 per cent.

Stats For State Tax in New Mexico

In 2004 The State of New Mexico collected $ 4,612,000,000 in revenue. This equated to a average revenue per capita of $ 2,423.17 for the State of New Mexico which is roughly 9.49 per cent. This places New Mexico at number 4 for the highest percentage of revenue collected per capita for 2004.

FEATURED LISTINGS FROM NOLO
Swipe to view more
NOLODRUPAL-web1:DRU1.6.12.2.20161011.41205