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Old 02-06-2009, 07:13 PM
 
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Default Taxes in NM & ABQ

We're considering relocating to ABQ and it's hard to get simple answers by searching on the internet sometimes. What are the taxes like in NM? Is there "personal property tax" (for cars, boats, etc.)? Are there any "local" income taxes (other than just state income tax and property tax)?
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Old 02-06-2009, 08:18 PM
 
Location: Chihuahuan Desert
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No personal property tax unless you count vehicle license plates. No local income taxes either, just state.
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Old 02-07-2009, 06:51 AM
 
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There are business taxes based on the value of your property, as well as property taxes. For property tax estimates, go here:

ABQ Neighborhood info links

Post #3 has a link.
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Old 02-07-2009, 07:07 AM
 
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Taxes can vary from county to county.

Bernalillo County (where Abq. is located) and Sandoval County (parts of Rio Rancho and Corrales) have different tax rates.
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Old 02-12-2009, 04:31 PM
 
Location: Sandia Park, NM
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One thing that may surprise you is that they charge sales tax (called "gross receipts tax") on everything - products AND services. In California, sales tax only applied to "tangible products". If you are running a business (ie.,. reselling your products and services), then you can get exemption certificates when you buy stuff.
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Old 02-12-2009, 08:43 PM
 
Location: Chihuahuan Desert
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Quote:
Originally Posted by PaddyMac View Post
One thing that may surprise you is that they charge sales tax (called "gross receipts tax") on everything - products AND services. In California, sales tax only applied to "tangible products". If you are running a business (ie.,. reselling your products and services), then you can get exemption certificates when you buy stuff.
Gross "receipts" tax is just that - a tax on receipts - or income - a business receives, which is why it affects products, services, and a wider range of items than you might see in a state with just a sales tax.

BTW, some states DO charge sales tax on services.
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