New Mexico State Taxes

New Mexico State Tax ? Individual Income Tax

The individual income tax rates for New Mexico are as follows:

• 1.7% on the first $5,500 of taxable income
• 3.2% on taxable income between $5,501 and $11,000
• 4.7% on taxable income between $11,001 and $16,000
• 4.9% on taxable income of $16,001 or more

New Mexico State Tax ? Corporate Income Tax

The NM corporate income tax is imposed at the following rates:

• 4.8% on the first $500,000 of taxable income
• 6.4% on taxable income between $500,001 and $1,000,000
• 7.6% on taxable income of $1,000,001 or more

New Mexico State Tax ? Sales & Use Tax

New Mexico does not have a sales/use tax, but it does have a Gross Receipts Tax (GRT) that applies to the sale or lease of goods and services. This tax is imposed by the state, counties, and municipalities with combined rates that range from5.375% to 8.6875%.

New Mexico State Tax ? Property Tax

Property taxes are administered by local governments. For information about property tax, contact your local assessor’s office.

New Mexico State Tax Forms

Form PIT-1 (New Mexico Personal Income Tax Return)
Form PIT-PV (New Mexico Personal Income Tax Return Payment Voucher)
Form PIT-ES (New Mexico Individual Estimated Tax Payment Voucher)
Form PIT-X (New Mexico Personal Income Tax ‘ Amended Return)
Form RPD-41096 (Application for Extension of Time to File)
Form CIT-1 (New Mexico Corporate Income and Franchise Tax Return)

New Mexico State Tax Resources

New Mexico Taxation and Revenue Department (TRD): www.tax.state.nm.us

New Mexico TRD ‘Electronic Tax Services:’ www.tax.newmexico.gov/Online-Services

New Mexico ‘e-File’ Online Services: www.tax.newmexico.gov/Online-Services/Gross-Receipts-Compensating-Withholding-Tax-E-Filing

New Mexico TRD ‘Individuals’ portal: www.tax.newmexico.gov/Individuals

New Mexico TRD ‘Businesses’ portal: www.tax.newmexico.gov/Businesses

Check the status of your NM state tax refund electronically: www.tax.newmexico.gov/Individuals/Refunds/Check-Your-Refund-Status

New Mexico Property Tax Division: www.tax.newmexico.gov/Property-Tax-Division

New Mexico Department of Finance & Administration property tax rates by county: tax.newmexico.gov/Businesses/new-mexico-property-tax-districts.aspx

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