|Residential Inside||Residential Outside||Non-Residential Inside||Non-Residential Outside|
|Source: Lea County Assessor’s Office – updated 8/2020|
Taxes are imposed on the assessed value of a property, which is typically between 80 and 100 percent of market value. Property is assessed by each county at the rate of 1/3 percent of value.
THERE ARE NO INVENTORY TAXES IN NEW MEXICO!
|Lovington Industrial Park||5.5000%|
|Remainder of County||5.5000%|
|Source: NM Taxation and Revenue – updated 2/2021|
Corporate Income Tax
New Mexico has reduced corporate income tax by 22% since 2014!
|If your total net income is:||Then your tax is:|
|Under $500,000||4.8% of net income|
|Over $500,000||$24,000 plus 5.9% of net income over $500,000|