Tax Information
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!
Eunice | 7.3125% |
Hobbs | 6.8125% |
Jal | 7.4375% |
Lovington | 7.2500% |
Lovington Industrial Park | 5.5000% |
Tatum | 6.8125% |
Remainder of County | 5.5000% |
Source: NM Taxation and Revenue – updated 2/2021 |
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Corporate Income Tax
New Mexico has reduced corporate income tax by 22% since 2014!
If your total net income is: | Then your tax is: |
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Under $500,000 | 4.8% of net income |
Over $500,000 | $24,000 plus 5.9% of net income over $500,000 |