Sales Tax: None

Gross Receipts Tax: Varies between 5.125% and 7.8125%, depending on values imposed by the state, counties and local municipalities. This tax is imposed on those doing business in New Mexico, but is normally passed on to the consumer.

Personal Income Tax: Varies between 1.7% and 8.2%, based on a seven-tiered, graduated-rate table. Residents and non-residents must file an income tax return in New Mexico if income was earned in the state. Some exemptions and credits may be granted to retired persons and those with low-income.

Estate and Inheritance Tax:

Estate Tax: Yes, based on the share of the federal estate tax

Inheritance Tax: None, but what is inherited may be taxed through personal income tax.

Property Tax: Varies greatly depending on property type and location. Ranges between $8-$48 per $1,000 of taxable value. The average location in New Mexico has about a .8% property tax. Some exemptions and credits may be granted to the elderly.

Automotive:

Driver’s License Fee: $16 for a four-year license, $32 for an eight-year license.

Registration Fee: Varies between $25.50 to $410.50. Fee is based on type of vehicle and whether you are given a one or two-year registration.

Gasoline Tax: $.18 per gallon

Diesel Fuel Tax: $.19 per gallon

Tobacco Tax: $.91 per pack of 20 cigarettes