PROPERTY TAXES

New Mexico has some of the lowest property taxes in the nation!

 Residential InsideResidential OutsideNon-Residential InsideNon-Residential Outside
Eunice27.44022.07535.07527.425
Hobbs27.28123.30834.12328.568
Jal26.47720.80433.73726.087
Lovington31.03327.31438.33032.680
Tatum26.00222.92432.43628.211
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!

GROSS RECEIPTS TAX

GRT (sales tax) is collected on goods and services

Eunice7.1875%
Hobbs6.6875%
Jal7.3125%
Lovington7.1250%
Lovington Industrial Park5.3750%
Tatum6.6875%
Remainder of County5.3750%
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 $500,0004.8% of net income
Over $500,000$24,000 plus 5.9% of net income over $500,000
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