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December 2, 2011               Main Home

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New Mexico Taxes

New Mexico allows an $8,000 exemption of retirement income, including Social Security.  The personal income tax ranges from 1.7% to 5.3%.   The state does not have a state sales tax per se, but it has gross receipts tax, which is essentially the same thing, and it is 5.12% (prescription drugs are not taxed).  Real estate is assessed at 33% of fair market value (according to neighboring recent sales).  Heads of households receive a $2,000 exemption, and homeowners age 65 or better who earn $18,000 or less (in most counties) receive a $125 credit (single) or a $250 credit (married).

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Santa Fe Population:  73,000   |   Percentage Age 45 or Better:  40%   |   Cost of Living:  22% Above U.S. Average   |   Crime Rate:  Above U.S. Average

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Las Campanas

Camino La Tierra, Santa Fe, New Mexico 87506

(505) 412-9912

Age Restriction:  All ages

Cluster homes and estate homes

Priced from $529,900

Web Site

Beautiful views, an equestrian center, tennis courts, outdoor pool

New Mexico Stats:

Population, year 2009 estimate - 2,009,671

Persons 65 years old and over, year 2009 - 13%

High school graduates, percent of persons age 25+, year 2000 - 78.9%

Bachelor's degree or higher, pct of persons age 25+, year 2000 - 23.5%

Persons of Hispanic or Latino origin, percent, year 2009 - 45.6%

White persons, not Hispanic, percent, year 2009 - 40.9%

Median household income, year 2008 - $43,179

Social Security taxed?   Yes

Source: U.S. Census Bureau

 


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