It’s critical to comprehend the applicable sales tax rates if you reside in Santa Fe County or intend to visit the region. Sales taxes are levied on the purchase of goods and services, and the rates can differ based on your location. What is the Santa Fe County, New Mexico sales tax? is the central query addressed in this article. We will also discuss relevant issues like whether groceries are subject to tax in New Mexico, the state tax rate, how to calculate sales tax, and the current Albuquerque sales tax rate. What is the Santa Fe County, New Mexico sales tax?
Santa Fe County’s sales tax rate is 7.125%. State tax of 5.125% and county tax of 2% are included in this rate. The fee is charged on the sale of some services and tangible personal property within Santa Fe County. Is there a tax on groceries in New Mexico?
The majority of food items are taxable in New Mexico. But some food items, including groceries, are exempt from sales tax. The following food items, according to the New Mexico Taxation and Revenue Department, are free from sales tax:
– Food products sold in school lunch programs,
– Food products served as part of a meal in a restaurant.
– Meat, fish, poultry, eggs, milk, bread, cereal, vegetables, fruits, and other food products for human consumption that are sold raw to be cooked at home. What is the state tax in New Mexico? In New Mexico, the state tax rate is 5.125%. This rate is applicable to the sale of some services and tangible personal property inside the state. However, some things—like prescription medicines, medical supplies, and some kinds of food products—are free from state taxes. How Do You Calculate Sales Tax?
You must multiply the purchase amount by the Santa Fe County sales tax rate, which is 7.125%, in order to calculate the sales tax due on a purchase in the county. For instance, the sales tax on a $100 purchase would be $7.13 ($100 x 7.125% = $7.13). What is Albuquerque, New Mexico’s current sales tax rate? Including the state tax of 5.125%, the county tax of 1%, and the special tax of 1.75%, Albuquerque’s sales tax rate is 7.875%. Infrastructure and transportation improvements in the city are paid for with the special tax.
In conclusion, it’s crucial for both locals and tourists to be aware of the sales tax rates in Santa Fe County and across the rest of New Mexico. You may make wise shopping decisions and prevent any unpleasant shocks at the register by being aware of the rates and exemptions.
Most people agree that New Mexico is a tax-friendly state for retirees. State taxes are not levied on Social Security benefits, and there are deductions for other types of retirement income. In addition, in comparison to other states, property taxes and sales taxes are comparatively modest.