Tax Information


Gross Receipts Tax Rate (Jan-June 2015)

Eunice 6.8125%
Hobbs 6.8125%
Jal 7.0625%
Lovington 7.2500%
Lovington Industrial Park 5.5000%
Tatum 6.8125%
Remainder of County 5.5000%
Source: NM Taxation and Revenue – updated 1/2015

2014 Lea County Property Tax Rates
Dollars & Cents per 1,000 Net Taxable Value
(See Example Below)

Residential Inside Residential Outside Non-Residential Inside Non-Residential Outside
Eunice 28.244 22.453 35.437 27.787
Hobbs 25.337 21.241 32.132 26.557
Jal 23.784 17.518 30.110 22.460
Lovington 28.419 24.421 35.289 29.639
Tatum 24.910 21.666 30.924 26.699
Source: Lea County Assessor’s Office – updated 1/2015

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 ((32.132 x Taxable Value)/1,000): $32,132


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.

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