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New Mexico Taxation and Revenue Department; Department overview; Type: Taxation & Revenue Services: Jurisdiction: State of New Mexico: Headquarters: 1100 South St. Francis Drive Santa Fe, New Mexico 87504-1028: Employees: 803: Annual budget: US$ 90,078,526.00 [1] Department executive
Regular military salaries of New Mexico residents serving in the U.S. military are subject to the income tax, but since 2007, active-duty military salaries have been exempt from the state income tax. [7] [8] Personal income tax rates for New Mexico range from 1.7% to 4.9%, within four income brackets. [9]
In 2004, Eichenberg served as the property tax director for the New Mexico Taxation and Revenue Department during the tenure of Bill Richardson. [1] In his position, he supervised the work of all New Mexico county assessors. Eichenberg was elected to the New Mexico Senate in 2008 and assumed office in January 2009. [3]
The largest property tax exemption is the exemption for registered non-profit organizations; all 50 states fully exempt these organizations from state and local property taxes with a 2009 study estimating the exemption's forgone tax revenues range from $17–32 billion per year.
New Mexico is a state located in the Western United States. According to the 2020 United States Census, New Mexico is the 15th least-populous state with 2,117,522 inhabitants [1] but the 5th-largest by land area, spanning 121,298.15 square miles (314,160.8 km 2). [2] New Mexico is divided into 33 counties and contains 106 municipalities ...
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A 2021 analysis by the nonprofit Tax Foundation placed New Mexico 23rd in business tax climate; its property taxes were found to be the least burdensome in the U.S., while taxation for unemployment insurance and on corporations each ranked as the ninth least burdensome. [299]
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