![]() Industry classifications for contributory, experienced employers are used to determine the average industry rates of new employers. New Mexico's Unemployment Insurance ContributionĪ new employer in New Mexico starts out with UI tax rate of the greater of their industry average Unemployment Insurance Contribution rate or 1.0%. Local Sales TaxĦ.5% to 6.625%, depending on jurisdiction. Whether the receipts (net of returns and allowances) are taxable depends on whether the business can take advantage of an exemption or deduction. The tax is on the business’s gross receipts. The business pays the total gross receipts tax to the state, which then distributes the counties' and municipalities' portions to them. Although the gross receipts tax is imposed on businesses, it is common for a business to pass the gross receipts tax on to the customer either by separately stating it on the invoice or by combining the tax with the selling price. The rate varies because the total rate combines rates imposed by the state, counties, and, if applicable, municipalities where the businesses are located. The gross receipts tax rate varies throughout the state from 5.125% to 8.6875% depending on the location of the business. New Mexico’s 2020 state and local individual income tax collections were $640 per person, which ranked 37th highest nationally. Among state levying personal income taxes, New Mexico’s top rate is 37th highest nationally. New Mexico’s personal income tax system consists of four brackets and a top rate of 4.9% kicking in at an income level of $16,000. New Mexico's Individual Income Tax System With an estimated combined State-Local Tax Burden of 8.8%, New Mexico registered the 44th lowest State-Local Tax Burden in the nation in 2019. At the state level, New Mexico collected $685 per capita in property taxes during FY 2013. New Mexico’s localities collected $146 per capita in property taxes in fiscal year 2020. New Mexico is one of the 37 states that collect property taxes at both the state and local levels. New Mexico Property Taxes: Among the Nation's Lowest Unemployment Insurance: 5.4% (ranked 8th lowest in usa).Top Individual Income Tax (four brackets): 4.9% (2022). ![]() Top Corporate Income Tax (three brackets): 5.9% (2022).Property Tax Collections per Capita: $832 (#46 of 50 states).
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