Tax Information


Gross Receipts Tax Rate (Jul-Dec 2017)

Eunice 7.3125%
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 8/2017

2016 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 33.839 28.411 41.098 33.847
Hobbs 28.743 24.825 35.860 30.305
Jal 26.427 20.597 33.718 26.079
Lovington 30.607 26.898 38.358 32.708
Tatum 26.761 23.683 33.586 29.361
Source: Lea County Assessor’s Office – updated 8/2017

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 ((33.839 x Taxable Value)/1,000): $33,839


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.