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Frequently Asked Questions

What is the current tax rate in New Mexico?

The New Mexico state sales tax rate is 5.13%, and the average NM sales tax after local surtaxes is 7.35%. While New Mexico does not have a statewide sales tax it does have a statewide "gross receipts tax", which is commonly passed on to the consumer by businesses just like a normal sales tax.

Does nm have income tax?

New Mexico is one of the largest tax havens in the U.S., offering numerous economic incentives and tax breaks on personal and corporate income. It does not have inheritance tax, estate tax, franchise taxes, or sales taxes. Its state income tax ranges from 1.7% to a maximum of 4.9%.

What is the sales tax in Albuquerque NM?

The 7.875% sales tax rate in Albuquerque consists of 5.125% New Mexico state sales tax and 2.75% Albuquerque tax.

Is there sales tax for cars in New Mexico?

New Mexico collects a 3% state sales tax rate on the purchase of all vehicles. In addition to taxes, car purchases in New Mexico may be subject to other fees like registration, title, and plate fees. You can find these fees further down on the page.

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