Santa Fe, New Mexico sales tax rate details The New Mexico sales tax rate is currently 5.13%. The County sales tax rate is 0%. The Santa Fe sales tax rate is 3.31%.
What is the tax rate in NM?
5.125%
Local sales tax rates The New Mexico (NM) state sales tax rate is currently 5.125%. Depending on local municipalities, the total tax rate can be as high as 9.0625%.
What does gross receipts mean in New Mexico?
According to the New Mexico Taxation and Revenue Department, gross receipts refers to the total amount of money or other consideration received by an entity from selling property in New Mexico, leasing or licensing property employed in New Mexico, granting a right to use a franchise employed in New Mexico, performing services in New Mexico, and …
What is the tax rate for gross receipts?
The gross receipts tax rate varies throughout the state from 5.125% to 8.6875% depending on the location of the business. It varies because the total rate combines rates imposed by the state, counties, and, if applicable, municipalities where the businesses are located.
What are the tax changes in New Mexico?
This legislation makes a number of changes to the income tax provisions, such as mandating combined reporting and adopting market sourcing, modifying certain personal income tax provisions, and updating New Mexico’s gross receipts tax provisions on internet sales to establish an economic nexus standard.
How to find the tax code in New Mexico?
The address locator is included to assist in browsing to a general location. Identify the appropriate GRT Location Code and tax rate by clicking on the map at the location of interest. Click or tap cursor into the Search box in the upper right corner of map window.
