Tax Information
| Residential Inside | Residential Outside | Non-Residential Inside | Non-Residential Outside | |
|---|---|---|---|---|
| Eunice | 27.440 | 22.075 | 35.075 | 27.425 |
| Hobbs | 27.281 | 23.308 | 34.123 | 28.568 |
| Jal | 26.477 | 20.804 | 33.737 | 26.087 |
| Lovington | 31.033 | 27.314 | 38.330 | 32.680 |
| Tatum | 26.002 | 22.924 | 32.436 | 28.211 |
| Source: Lea County Assessor’s Office (2021 Tax Levies)– updated 07/2022 | ||||
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 | 7.1875% |
| Hobbs | 6.6875% |
| Jal | 7.3125% |
| Lovington | 7.1250% |
| Lovington Industrial Park | 5.3750% |
| Tatum | 6.6875% |
| Remainder of County | 5.3750% |
| Source: NM Taxation and Revenue – updated 07/2022 | |
|---|---|
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 |