Tax Information
Residential Inside | Residential Outside | Non-Residential Inside | Non-Residential Outside | |
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Eunice | 33.547 | 28.080 | 40.831 | 33.181 |
Hobbs | 27.409 | 22.395 | 33.058 | 27.503 |
Jal | 26.864 | 21.044 | 33.734 | 26.084 |
Lovington | 31.341 | 27.541 | 38.322 | 32.672 |
Tatum | 26.166 | 23.066 | 32.419 | 28.194 |
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!
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 |