Extract Data From Legal New Mexico Oil Gas Forms For Free

New Mexico has a 5.0 percent state sales tax rate, a max local sales tax rate of 3.813 percent, and an average combined state and local sales tax rate of 7.72 percent. New Mexico's tax system ranks 22nd overall on our 2023 State Business Tax Climate Index.

The Otero County Detention Center was established to provide housing to those persons whom society believes, for various reasons, need to be separated from itself.

New Mexico's SUI rates range from 0.33% to 6.4%. The taxable wage base in 2023 is $30,100 for each employee, up from $28,700 in 2022. If you are a new small business owner (congratulations, by the way!), your rates range between 1% ? 1.06%. More information for new employers is available per industry here.

In 2004, Think New Mexico teamed up with Governor Bill Richardson and House Speaker Ben Lujan to champion a successful bill to repeal the taxes on both groceries and selected medical services. As of January 1, 2005, food is exempt from taxation in New Mexico.

Base Rate: The base tax rate is 0.19 percent of net production value defined as gross production value less royalties paid to federal, state, or tribal governments, and transportation costs. The rate rises to 0.24 percent when the price of oil is over $70 per barrel.

Except for the incentive programs described in the following table, the tax rate is 3.75% of taxable value which is defined to exclude royalties paid to federal, state or tribal governments and reasonable expense oftrucking any product from the production unit to the first place of market.