One of the state of New Mexico’s main sources of income is through property taxes. Real estate and personal property are subject to state property taxes, which are assessed at varying rates based on the region. The value of the property and the area are two important considerations when determining whether property taxes are high in New Mexico.
New Mexico has a comparatively low property tax rate when compared to other states in the US. The effective property tax rate in New Mexico is 0.76%, placing it 36th in the US, according to the Tax Foundation. This rate is less than the 1.07% national average. The actual property tax amount will, however, change based on the property’s valuation.
The state of New Mexico collects a sales tax on products and services bought within the state in addition to property taxes. The current New Mexico sales tax rate is 5.125%. There might be an additional tax rate in some counties, though. For instance, the current El Paso County sales tax rate is 2%, making the county’s overall sales tax rate 7.125%.
Moving on to Texas, different counties have different sales tax rates. The current sales tax rate in San Antonio, Texas, is 8.25%. This price includes both the 6.25% state sales tax and the 2% municipal sales tax. The combined sales tax rate in Katy, Texas, which consists of the state sales tax rate of 6.25% and the municipal sales tax rate of 2%, is 8.25%.
In conclusion, New Mexico has relatively cheap property taxes when compared to other states in the union. The property’s worth will determine the real tax burden, though. Additionally, the state charges a sales tax, which is now 5.125%. The overall sales tax rate in El Paso County is 7.125%. The combined sales tax rate in San Antonio and Katy, Texas, is 8.25 percent. It is crucial to remember that sales tax rates can change depending on where you are, therefore it is best to confirm this information with the local tax authorities.