PROPERTY TAXES

New Mexico has some of the lowest property taxes in the nation!

 Residential InsideResidential OutsideNon-Residential InsideNon-Residential Outside
Source: Lea County Assessor’s Office – updated 8/2018
Eunice33.58328.22441.44733.797
Hobbs27.62023.72034.83129.276
Jal26.61420.79833.73626.086
Lovington30.85827.15938.31532.665
Tatum26.13823.04832.85028.625
Taxes are imposed on the assessed value of a property, which is typically between 80 and 100 percent of market value.  Property is assessed by each county at the rate of 1/3 percent of value.

THERE ARE NO INVENTORY TAXES IN NEW MEXICO!

GROSS RECEIPTS TAX

GRT (sales tax) is collected on goods and services

Source: NM Taxation and Revenue – updated 8/2017
Eunice7.3125%
Hobbs6.8125%
Jal7.0625%
Lovington7.2500%
Lovington Industrial Park5.5000%
Tatum6.8125%
Remainder of County5.5000%

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 $500,0004.8% of net income
Over $500,000$24,000 plus 5.9% of net income over $500,000
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