Tax-Information
|
Gross Receipts Tax Rate (Jan-Jun 2013) |
|
|
Eunice |
6.8125% |
|
Hobbs |
6.8125% |
|
Jal |
7.0625% |
|
Lovington |
6.8750% |
|
Lovington Industrial Park |
5.5000% |
|
Tatum |
6.8125% |
|
Remainder of County |
5.5000% |
|
Source: NM Taxation and Revenue – updated 1/2013 |
|
|
2012 Lea County Property Tax Rates Dollars & Cents per 1,000 Net Taxable Value (See Example Below) |
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|
Residential Inside |
Residential Outside |
Non-Residential Inside |
Non-Residential Outside |
|
|
Eunice |
29.733 |
23.577 |
35.606 |
27.956 |
|
Hobbs |
25.534 |
21.225 |
31.055 |
25.637 |
|
Jal |
25.130 |
18.455 |
30.110 |
22.460 |
|
Lovington |
27.623 |
23.299 |
33.270 |
27.620 |
|
Tatum |
25.599 |
22.188 |
30.653 |
26.428 |
|
Source: Lea County Assessor’s Office – updated 1/2013 |
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New Mexico’s property taxes are among the lowest in the country. Taxes are imposed on one-third of assessed value, which is typically between 80 and 100 percent of market value.
Annual Property Tax Example (example based on arbitrary values)
Project Assessed Value: $3,000,000
Taxable Value (1/3 of Assessed Value): $1,000,000
Property Tax Due ((31.055 x Taxable Value)/1,000): $31,055
New Mexico State corporate income tax rate:
|
If your total net income is… |
Then your tax is… |
|
Not over $500,000 |
4.8% of net income |
|
Over $500,000 but not over $1,000,000 |
$24,000 plus 6.4% of net income over $500,000 |
|
Over $1,000,000 |
$56,000 plus 7.6% of net income over $1,000,000 |
Inventory Taxes
There are no inventory taxes in New Mexico