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Taxes

New Mexico Personal Income Tax Rate
In general, the New Mexico personal income tax rate maximum has been 8.2%. For personal income tax rate tables for 2003 (tax rates for income earned in 2002) see http://www.state.nm.us/tax/forms/year02/2002rates.pdf

In taxable years beginning on or after January 1, the legislation passed in January collapses the state personal income tax rates and categories beginning in tax year 2003 and ending in 2007. These reductions in personal income tax rates are intended to spur economic growth. At the end of the span the top percentage for taxes due for 2007 will be 4.9%, and there will be four brackets instead of seven. The adjustment in the capital gains deduction matches New Mexico's percentages to federal percentages for capital gains deduction via a gradual expansion from 10% to 50%. Taxpayers can deduct the greater of $1,000 in net capital gains or 10% of total net capital gains for 2003. The percentage grows in 10% increments to the greater of $1,000 or 50% for tax years beginning January 2007.

Property Tax

*R - Residential
NR - Non-Residential
Taxed on .333% of Market Value

Real and tangible property is subject to taxation at the local level. All property is assessed at 33.3% of market value. Commercial and Industrial machinery, equipment, furniture, materials and supplies generally are valued at cost less straight-line depreciation. Equipment expenses under Internal Revenue Code section 179 are subject to tax only for one year. On-highway vehicles are not subject to property tax. Property in transit through the state or warehoused for delivery out of state is exempt.

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