You’ll also need to register your car and get license plates in addition to the titling charge. Depending on the type of plate you select, different license plates in New Mexico cost different amounts. While specialized plates can cost up to $35, standard plates cost $15. Additionally, there is a one-time fee of $60 for the first year of registration when registering a new vehicle.
One of the few states without a sales tax is New Mexico. This indicates that there is no sales tax due on the transaction when you buy a car in New Mexico. It’s crucial to keep in mind that you could have to pay the sales tax from the state where you bought the vehicle if you’re registering it in New Mexico.
State with origin-based sales taxes is New Mexico. This indicates that the location of the supplier determines the applicable sales tax, not the location of the consumer. If you’re buying a car from out-of-state and registering it in New Mexico, it may be crucial to bear this in mind.
A progressive income tax system with rates ranging from 1.7% to 4.9% is in place in New Mexico. Residents of New Mexico may be liable to federal income tax in addition to state income tax, as well as additional taxes like property tax and sales tax on specific transactions.
The cost of titling an automobile in New Mexico is $17, and the price of a license plate depends on the kind of plate you select. Although New Mexico doesn’t levy a sales tax, it does use an origin-based system. In addition to other taxes like property tax and sales tax on certain items, residents of New Mexico may also be liable to both state and federal income tax.
Yes, New Mexico taxes most out-of-state purchases. You must pay New Mexico’s motor vehicle excise tax, which is dependent on the vehicle’s value, when you buy a car outside of the state and bring it into the state. Additionally, you will have to pay a number of fees in order to title and register the vehicle in New Mexico.