What are the taxes like in NM? (Albuquerque, Las Cruces: sales, real estate)

[megabyte]

Can anyone tell me the average cost to register your vehicle in NM and do they tax vehicles to make up for tax shortfalls. What are the average real estate taxes like per $100,000 of property value? Thanks

[_yb]

NM taxes for just about everything. If they give you a socalled tax break on lets say food goods. They will turn around and pick your pocket with a higher tax on items on stuff like soap, paper towels and other goods. They also tax the tax breaks here in NM.

There was a thread on vehicle taxes the other day. You may want to search the last few days for that one.

[Chaparral]

Here are a couple of links that I have posted in previous threads:

The Tax Foundation - State and Local Property Tax Collections Per Capita by State, 2005

http://www.bernco.gov/property/defau...orm&type=situs

The first lets you compare tax rates between states, and the second allows you to see the tax bills and history for properties located in Bernalillo county.

Hope this helps!

Chap

[Krystle]

When I moved to Las Cruces last year, I paid about $70 to get my car registered. When my mother moved to nearby El Paso, I think she had to pay around $200, plus a car inspection. In NM they don't require a car inspection, which is something I'm not used to. Car insurance is a bit cheaper than I had it in NY (but I lived near NYC, talk about expensive). There's no food tax. I hope this information helps a bit.

[megabyte]

Originally Posted by _yb

NM taxes for just about everything. If they give you a socalled tax break on lets say food goods. They will turn around and pick your pocket with a higher tax on items on stuff like soap, paper towels and other goods. They also tax the tax breaks here in NM.

There was a thread on vehicle taxes the other day. You may want to search the last few days for that one.

You really didnt say anything? How much?

[BrianH]

I think the Tax's are very reasonable. Sales (Gross) tax here in Clayton is a mere 7.5% though im hoping itll go up another .25% for the hospital. Nothing compared to the 21% i suffered back home.

[_yb]

Some rates for state income taxes:
-- 1.7% on the first $5,500 of taxable income
-- 3.2% on taxable income between $5,501 and $11,000
-- 4.7% on taxable income between $11,001 and $16,000
-- 5.3% on taxable income of $16,001 and above.



Gross reciepts vary by city.

[jersey2nm]

I registered a car in NM - it was relatively inexpensive (under $100, probably closer to $50) and there was no inspection (like NJ and other states) BUT if you lived in Albuquerque, you had to have an emissions test. I had to show proof of a Rio Rancho address to avoid the emissions test (no problem because the car is fairly new and always had emissions testing in NJ). No extra annual car tax like CT. Also, you need to show proof of insurance and have the minimum coverage (25/50/10). Hopefully you own the car and have the title too. If not, I think the lienholder needs to be notified.

As to property taxes, it all depends on location. In certain developments, there are extra fees added ($270,000 in a newer Rio Rancho development could cost $3,000 per year), while a $700,000 house in Corralles is less than $1,000 (according to the open house sheet I was given). I hear the schools in Rio Rancho are better than Corralles. A real estate agent should be able to answer those questions and have the tax rates.

And yes, sales tax (gross receipts tax) vary by city. You can shop at Walmart in Santa Fe, Albuquerque and Rio Rancho and all are different. Odd to those of us coming from one whole number tax rate (7% in NJ, and one place in NM was 6.575%). Weird, but that's the way it is. Good luck to you and pm if you need additional information.

[mortimer]

megabyte complained about a post by _yb:

> > There was a thread on vehicle taxes the other day.
> > You may want to search the last few days for that one.

> You really didnt say anything? How much?

Yes he did. He said that there was information just recently
on the board and didn't feel the need to cut-paste it for you
when you could do the search on your own.

When I entered [vehicle tax "New Mexico"] in the search
box, I got about ten posts on the second search result
that came up. Some were quite detailed.

This is what you should have done before posting in the first
place. Then, if you had a specific question, you could have
revived the thread. ..... you *could* have ...

If you enter [property tax "New Mexico"] you get a bunch
of other good information.

[mortimer]

_yb posted:

-- 5.3% on taxable income of $16,001 and above.

NM is like CA. If you earn more than $10 an hour,
you are legally considered rich and pay the maximum
rate.

They tax
-- 1.7% on the first $5,500 of taxable income

I wonder how much that brings in vs how much it costs
to process all those PIT-1 forms ?