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 | |
|---|---|
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 |