![]() ![]() Thus, the taxpayers in the state of New Mexico find themselves primarily paying three forms of state and local taxes: In terms of the gas tax, New Mexico charges 17.00 cents per gallon of regular gasoline and 21.00 cents per gallon of diesel. The gross receipts tax of 5.125% to 9.25% effectively acts like a sales tax in New Mexico. When talking about the sales tax, New Mexico does not collect a sales tax, but rather it collects a gross receipts tax on businesses. A similar trend is also observed in its average effective property tax rate, which is also on the lower side at 0.78%. New Mexico follows a progressive income tax system with rates that rank among the 20 lowest in the United States.
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