Tax Information
Property Taxes
New Mexico has some of the lowest property taxes in the nation!
| Residential Inside | Residential Outside | Non-Residential Inside | Non-Residential Outside | |
|---|---|---|---|---|
| Eunice | 24.991 | 19.652 | 32.836 | 25.186 |
| Hobbs | 27.330 | 23.436 | 34.506 | 28.951 |
| Jal | 22.300 | 16.738 | 29.725 | 22.075 |
| Lovington | 30.783 | 27.163 | 38.273 | 32.683 |
| Tatum | 25.735 | 22.688 | 32.444 | 28.219 |
There are NO inventory taxes in New Mexico!
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 |
Gross receipts TAX
GRT (sales tax) is collected on goods and services
January 2025 - June 2025
| Eunice | 7.0625% |
| Hobbs | 6.5625% |
| Jal | 7.1875% |
| Lovington | 7.0000% |
| Lovington Industrial Park | 5.2500% |
| Tatum | 6.5625% |
| Remainder of County | 5.2500% |
