NM ranked No. 8 among tax-friendly states
Friday, September 18, 2015
Put this one on the plus side.
Kiplinger’s latest state ranking on taxes puts New Mexico at No. 8 on the list of most tax-friendly states, between Arizona at No. 7 and Nevada at No. 9. In particular, it notes relatively low gas and property taxes.
The listing breaks down our taxes this way:
— Personal income tax rates top out at 4.9% on taxable income over $16,000 for single filers and $24,000 for married couples filing jointly
— Gas taxes and fees: 19 cents per gallon
— Median property tax on New Mexico’s median home value of $159,200 is $1,160 (12th-lowest in the country).
— The state levies a gross receipts tax — similar to sales taxes in other states — of 5.1%, but county and city sales taxes can add up to another 3.6%. The average combined local and state sales tax rate, according to Kiplinger’s, is 7.4%. And car buyers get a break: Sales taxes on motor vehicles are 3 percent.
Read Full Article Here
Category: New Mexico