{"id":194,"date":"2012-06-29T21:31:26","date_gmt":"2012-06-29T21:31:26","guid":{"rendered":"http:\/\/www.websitefix.net\/clients\/Generic\/?page_id=194"},"modified":"2018-11-16T20:05:28","modified_gmt":"2018-11-16T20:05:28","slug":"state-tax-system","status":"publish","type":"page","link":"https:\/\/www.sunraydirect.com\/SantaFe3\/?page_id=194","title":{"rendered":"State Tax System"},"content":{"rendered":"

TAX & LICENSE \/ STATE\u00a0 TAX SYSTEM<\/strong><\/p>\n

State Income Tax<\/strong>
\nNew Mexico imposes a tax on the net income of every resident based on net income from employment, unearned income, gambling, pensions, annuities, and income from real or personal property in this state or from businesses located in this state. Non-residents are taxed on the net income from property, employment, or business in New Mexico.<\/p>\n

New Mexico’s personal income tax “piggybacks” on the federal return and uses the federal adjusted gross income figure as its base. Net income usually equals federal taxable income, although some special deductions are available. New Mexico uses the same dollar amounts as the federal government for personal exemptions, standard deductions, and itemized deductions. The state tax rate is based on a graduated-rate table. For more information or answers to your specific questions, contact:<\/p>\n

New Mexico Tax & Revenue<\/strong>
\n1100 South Street
\nSanta Fe
\n505-827-0700<\/p>\n

\u00a0<\/strong><\/p>\n

Sales Tax<\/strong>
\nResidents of Mexico pay a state sales tax of 5 percent, although other taxing jurisdictions such as municipalities and school districts add varying rates. At the beginning of 2005, the state eliminated sales tax on most food purchases (including most staple grocery food items and cold prepared foods packaged for home consumption) as well as many medical services. For questions on sales tax, contact:<\/p>\n

New Mexico Taxation & Revenue<\/strong>
\nGross Receipts Sales Tax
\n505-827-0832<\/p>\n

 <\/p>\n

Estate Tax<\/strong>
\nNew Mexico imposes an estate tax on the net estate in an amount equal to a proportionate share of the federal credit for state estate taxes. The net estate located in New Mexico of a nonresident is also taxable as a fraction of the federal credit. New Mexico does not impose an inheritance tax on heirs but an inheritance may be reflected in a taxpayer’s modified gross income as defined by New Mexico. If so, New Mexico personal income tax laws would<\/a> apply.<\/p>\n

\u00a0<\/strong><\/p>\n

Property Tax<\/strong>
\nNew Mexico assesses residences at market value, determining this value by the sales-comparison approach that matches a property\u2019s value to that of similar properties. One-third of that amount is the taxable value, but taxable value may be further reduced by exemptions of $2,000 each for veterans and heads of household. The valuation of a residence that did not change hands in the prior year may not increase by more than 3 percent annually (excluding any increase due to physical changes to the property). This covers rental properties as well as owner-occupied residences. Tax rates vary substantially and depend on property type and location. For residential property, the tax rate ranges from $8 to $48 per $1,000 of net taxable value after exemptions. The state Property Tax Division oversees the county assessors. For specific information about your property, contact your county assessor or treasurer.<\/p>\n

Property Tax Division<\/strong>
\nNew Mexico Taxation & Revenue
\n505-476-3092
\nAppraisal Bureau
\n505-827-0885
\nwww.state.nm.us\/tax<\/a><\/p>\n

 <\/p>\n

County Assessors<\/strong><\/p>\n

Los Alamos County<\/strong>
\n2300 Trinity Drive
\nLos Alamos
\n505-662-8030
\nwww.losalamosnm.us<\/a><\/p>\n

San Miguel County<\/strong>
\n599 West National Avenue
\nLas Vegas
\n505-454-4980
\nwww.smcounty.net<\/a><\/p>\n

Sandoval County<\/strong>
\n711 Camino Del Pueblo
\nBernalillo
\n505-867-7561
\n800-972-6368
\nwww.sandovalcounty.com<\/a><\/p>\n

Santa Fe County<\/strong>
\n102 Grant Avenue
\nSanta Fe
\n505-986-6300
\nwww.co.santa-fe.nm.us\/assessor<\/a><\/p>\n

Taos County<\/strong>
\n105 Albright Street
\nTaos
\n505-737-6360
\nwww.taoscounty.org<\/a><\/p>\n

 <\/p>\n

County Treasurers<\/strong><\/p>\n

Los Alamos County<\/strong>
\n2300 Trinity Drive
\nLos Alamos
\n505-662-8075
\nwww.losalamosnm.us<\/a><\/p>\n

San Miguel County<\/strong>
\n500 West National Avenue
\nLas Vegas
\n505-425-9377
\nwww.smcounty.net<\/a><\/p>\n

Sandoval County<\/strong>
\n711 Camino Del Pueblo
\nBernalillo
\n505-867-7581
\n800-332-8022
\nwww.sandovalcounty.com<\/a><\/p>\n

Santa Fe County<\/strong>
\n102 Grant Avenue
\nSanta Fe
\n505-986-6245
\nwww.santafecounty.org<\/a><\/p>\n

Taos County<\/strong>
\n105 Albright Street
\nTaos
\n505-737-6341
\nwww.taoscounty.org<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

TAX & LICENSE \/ STATE\u00a0 TAX SYSTEM State Income Tax New Mexico imposes a tax on the net income of every resident based on net income from employment, unearned income, gambling, pensions, annuities, and income from real or personal property in this state or from businesses located in this state. Non-residents are taxed on the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"open","template":"","meta":[],"_links":{"self":[{"href":"https:\/\/www.sunraydirect.com\/SantaFe3\/index.php?rest_route=\/wp\/v2\/pages\/194"}],"collection":[{"href":"https:\/\/www.sunraydirect.com\/SantaFe3\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.sunraydirect.com\/SantaFe3\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.sunraydirect.com\/SantaFe3\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sunraydirect.com\/SantaFe3\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=194"}],"version-history":[{"count":6,"href":"https:\/\/www.sunraydirect.com\/SantaFe3\/index.php?rest_route=\/wp\/v2\/pages\/194\/revisions"}],"predecessor-version":[{"id":556,"href":"https:\/\/www.sunraydirect.com\/SantaFe3\/index.php?rest_route=\/wp\/v2\/pages\/194\/revisions\/556"}],"wp:attachment":[{"href":"https:\/\/www.sunraydirect.com\/SantaFe3\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=194"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}