New Mexico lowest property taxes in the nation (Albuquerque, Bernalillo: new home, buy)
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We are seeing that now in GA. Several medium size cities (not near ATL) are facing HUGE deficits they didnt have 15-20 yrs ago. GA has made it more attractive for halfbacks to stay here or just retire. We moved here in 2003 and in small towns they are struggling to stay afloat.
Soc Sec isnt taxed, up to $65k in a pension isnt taxed. A new 6.5% auto tax instead of 7% normal sales tax to get the junkers off the road gives owners a HUGE break from the punitive ad valorem tax - plates now $20/yr. Lower insurance rates. We grow everything here - not every state can do that: pecans, peaches, peanuts, cotton, corn, milo and canola. Thats just in central Ga. Up north vineyards and apple, blueberry orchards.
We basically have three really big pension systems that cover most public employees, local and state. They're not in good shape but I'm being an optimist because it's better than the alternative. The oil thing is a biggie. I'm glad I don't live over there in SE NM amidst it but I'll happily take the revenues. We are a very poor state.
I think we beat you guys in pecans this year due to a storm you had that ruined a bunch of the crop. Normally we're number two, we grow most of the same things excepting the peaches. Too bad for us. We have similar temperatures if not similar climate. Put water on the desert and stuff grows.
We basically have three really big pension systems that cover most public employees, local and state. They're not in good shape but I'm being an optimist because it's better than the alternative. The oil thing is a biggie. I'm glad I don't live over there in SE NM amidst it but I'll happily take the revenues. We are a very poor state.
I think we beat you guys in pecans this year due to a storm you had that ruined a bunch of the crop. Normally we're number two, we grow most of the same things excepting the peaches. Too bad for us. We have similar temperatures if not similar climate. Put water on the desert and stuff grows.
I spoke with Pearson farms yesterday. They lost about 10% of their crop but whats left is worth $10mm and in the state is $100mm. Oil we don't have any nor coal. But the four states (AL-GA-SC-TN) have the lowest prices for gas $1.89 and diesel $2.59. That's because we refine it off the pipelines. We have two deepwater ports.
We don't need to drill for water - it's free running from the Blue Ridge mtns. Ponds and streams are everywhere. There are several hydropower company lakes, and several nuc plants which results in lower power bills for everyone.
Last edited by OneDawg; 12-11-2018 at 08:46 AM..
Reason: Spellung
Thats not true. If ss is your only source, some states still attempt to tax it. NM, CO, MT (I know they did it), NE.and some others.
What does still attempt to tax it mean? I just reviewed the instructions for NM PIT and PIT-Adj, and there is nothing in the the instructions for including S/S that is not in one's AGI or otherwise adding it back in if excluded from Federal AGI.
What does still attempt to tax it mean? I just reviewed the instructions for NM PIT and PIT-Adj, and there is nothing in the the instructions for including S/S that is not in one's AGI or otherwise adding it back in if excluded from Federal AGI.
I wondered about that, too.
I looked at all sorts of financial pages and they say NM taxes it. But all of the state tax forms I've ever done take figures from federal tax forms. I've never done NM taxes, so I can't say how they do that except by looking at the form. Which I did. I see no place to add the numbers in or anything. It looks very much like the MO form in that regard, taking whatever the AGI on the federal form is and plugging it into the state form.
But I may have missed something in my quick foray into the unknown.
It looks like NM taxes SS at whatever level the feds do. Not a higher tax rate, but the same amount of it being taxed, which is never 100%.
13 States That Tax Social Security Income
Your Social Security benefits may not get a free ride in these 13 states. Find out what you can do to boost your retirement income and get the most out of your Social Security benefit.
Sean Williams
(TMFUltraLong)
Aug 16, 2014 at 8:00PM
WRONG tax-rates.org is much more highly respected. West Virginia and Louisiana have the lowest. You may be looking at total taxes by house where NM does fairly well. That's because NM is a poor state.
It seems to me...figures for average property tax by state would be pretty worthless for an individual. People don't live in states. They live in towns, cities, communities. Taxrates.org shows the average property tax in New Mexico is 0.55 percent of the home value. That's meaningless unless someone just happens to be moving to a location where property tax is the state average.
The house I sold in Albuquerque in 2015 now has an assessed value of $307k, with a net taxable value of $102k. Taxrate's figure for the state (0.55 percent of the home value) would be about $1700. Yet...the tax bill for that home is now $4300.
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