New Mexico Tax Information
New Mexico Gross Receipts Tax
All goods and services are taxed, with the exception of food. Taxes vary according to municipality and county. For example, as of fall 2009, Santa Fe City GRT is 8.065% and most of Santa Fe County 6.5%. Albuquerque is 6.875%.
http://www.tax.state.nm.us/pubs/GrossReceiptsRates/gross_receipts_rate_sched.htm
New Mexico Personal Income Tax
New Mexico’s personal income tax system consists of seven brackets and a top rate of 8.2% kicking in at an income level of $65,000. New Mexico’s top rate of 8.2% is 7th highest among states levying personal income taxes. New Mexico’s 2002 individual income tax collections were $531 per person (35th highest nationally).
http://www.residual-rewards.com/new-mexico-s-corporation.htm
New Mexico’s Corporate Income Tax Rate and Collections
New Mexico’s corporate tax structure consists of three brackets in which all income under $500,000 is taxed at 4.8%, income between $500,000 and $1 million is taxed at 6.4% and all income over $1 million is taxed at 7.6%. This upper tax rate ranks the New Mexico 20th highest among states levying corporate income taxes.
http://www.state.nm.us/tax/
Santa Fe County Property Tax
Santa Fe County Tax Assessor’s website has a calculator for estimating your property tax:
http://www.santafecounty.org/assessor/appraisal_tax_information.php
For ballpark, figure $665 per $100,000 in sale price. Therefore, a $500,000 home: 5 x $665 = $3,325; the County calculator estimates: $3,269.83
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