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 | 24.486 | 19.248 | 32.724 | 25.074 |
| Hobbs | 26.989 | 23.155 | 34.497 | 28.942 |
| Jal | 21.638 | 16.369 | 29.725 | 22.075 |
| Lovington | 30.498 | 26.948 | 38.333 | 32.683 |
| Tatum | 25.488 | 22.498 | 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
July 2025 - June 2026
| 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% |