Albuquerque is located in Bernalillo County, the most populated county in New Mexico. Knowing the applicable sales tax rate is essential if you intend to make any purchases in Bernalillo County. The basic query, “What is the sales tax in Bernalillo County?” and other pertinent queries are addressed in this page.
In Bernalillo County, the sales tax rate is 7.875%. This comprises a 5.125% state tax rate and a 2.75% county tax rate. The majority of goods and services offered in the county, such as apparel, gadgets, and meals at restaurants, are subject to the tax. There are certain exceptions to the sales tax, though.
Food is taxed in New Mexico at a lower rate of 1.125%. Food sold for consumption off-site, such as groceries and food bought at convenience stores, is covered by this. However, food purchased at a restaurant or for consumption on-site is subject to tax at the full amount of 7.875%. What does GRT mean in Albuquerque?
The term “Gross Receipts Tax” (GRT) refers to a tax on a company’s gross receipts. The GRT rate in Albuquerque is 7.875%, the same as the sales tax rate. The GRT is applicable to all companies doing business in the city, even those who don’t sell items to customers directly.
What is the Bernalillo County Gross Receipts Tax? Businesses operating inside the confines of Bernalillo County are additionally subject to a GRT in addition to state and local taxes. The county GRT rate is 1.125%, making the overall county tax rate for enterprises 9%. All company kinds, including retailers, eateries, and service providers, are subject to the GRT.
Sandoval County, where Rio Rancho is a city, has a different sales tax rate than Bernalillo County. The state tax rate in Rio Rancho is 5.125%, the county tax rate is 1.25%, and the city tax rate is 2.0625%. Together, these three tax rates total 8.4375%. Similar to Bernalillo County, food purchased for consumption off-premises is subject to a 1.125% reduction in tax.
In summary, the majority of products and services sold in Bernalillo County are subject to a 7.875% sales tax. Food purchased at restaurants or for on-premises consumption is taxed at the full rate; food purchased for off-premises use is taxed at a lower rate. Businesses located in Bernalillo County must pay a GRT rate of 1.125% as well. When making purchases or conducting business in the county, it’s crucial to be aware of these tax rates.