It’s crucial to remember that New Mexico has a two-tiered method for calculating automobile registration payments. The first tier is determined by the vehicle’s weight, and the second tier is determined by the age of the vehicle. The registration charge is $27.00 for the first year and $17.00 for each additional year for passenger cars under 3,000 pounds. The registration charge for a passenger car weighing between 3,001 and 10,000 pounds is $62 for the first year and $42 for each additional year.
There is a price for the license plate itself in addition to the registration fee. Depending on the type of plate you select, different license plates in New Mexico cost different amounts. The price of a regular plate is $17.00, while the price of a customized plate is $27.00. For an additional cost, special plates like the Centennial Plate and the Chile Plate are also available. What about sales tax, though? The sales tax rate for automobiles in New Mexico is 3.1875%. Even though it’s not the lowest in the nation, this state’s sales tax is still quite cheap when compared to others. So which state has the lowest vehicle sales tax? Oregon is the state in question, and it has no sales tax at all.
But what about food sales tax? Food is typically subject to sales tax in New Mexico. There are a few exceptions, though. For instance, food purchased using food stamps is exempt from sales tax, while certain commodities are deemed “essential” and hence are not subject to sales tax. These include things like milk, eggs, and bread.
Which states do not tax food, in the end? Alaska, Delaware, Montana, New Hampshire, and Oregon are the only five states at the moment that do not impose a sales tax on food. It’s crucial to remember that some local governments in these states may still charge a sales tax on groceries.
In conclusion, the price of a license plate in New Mexico is influenced by a number of variables, such as the vehicle’s weight, age, and the type of plate you select. In comparison to other states, New Mexico’s automobile sales tax is likewise quite low. While there are some exclusions and a few states that do not tax food at all, in New Mexico, food is often subject to sales tax.