Personal Income Tax (PIT)

Personal Income Tax (PIT)
The rates vary depending upon your filing status and income. The top tax bracket is 4.9%
Tax Rates

Unemployment Insurance Contribution

Unemployment Insurance Contribution
The standard tax rate for all new employers for four years is 2.0%
Rate Schedule

Workers Compensation Fee

Workers Compensation Fee
The fee for the employer is $2.30 times the number of covered employees working on the last day of the quarter.

The fee for covered employees working on the last day of the quarter is $2.00.

Severance Tax

Severance Tax
New Mexico imposes a severance tax on the privilege of severing natural resources. “Natural resources” is defined as “timber and any metalliferous or nonmetalliferous mineral product, combination or compound thereof but does not include oil, natural gas, liquid hydrocarbon, individually or any combination thereof or carbon dioxide”.

The severance tax applies at the following rates to the taxable value of the following natural resources:

  • Copper 1/2%
  • Timber 1/8%
  • Pumice, gypsum, sand, gravel, clay, fluorspar and other nonmetallic minerals 1/8%
  • Lead, zinc, thorium, molybdenum, manganese, rare earth and other metals 1/8%
  • Gold and silver 1/5%

The severance tax on coal is $0.57 per short ton for surface coal and $0.55 per short ton for underground coal. There is a surtax also imposed on coal which is increased on July 1 of each calendar year for the previous calendar year. The state computes the new rate in April and publish it on or before May 1 of each year.

The severance tax on severed and saved uranium-bearing material is 3.5% of the taxable value of each pound of evered and saved U3O8 contained in the uranium-bearing material.

Property Tax

Property Tax
San Juan County ranks 10th out of the 33 total counties in New Mexico for lowest property tax.

The median property tax (also known as real estate tax) in San Juan County is $628.00 per year, based on a median home value of $149,400.00 and a median effective property tax rate of 0.42% of property value.
This information was obtained from www.propertytax101.org

“Taxable Value” is one third (33 1/3%) of the “Full Value” of the taxed item.

Corporate Income Tax (CIT) & Franchise Tax

Corporate Income Tax (CIT) & Franchise Tax
Net Income <$500,000 = 4.8%
Net Income between $500,000 and $1,000,000 = $24,000 + 6.4% of net income over $500,000
Net Income over $1,000,000 = $56,000 + 7.6% of net income over $1,000,000

Franchise Tax = $50.00/yr

Compensating Tax

Compensating Tax
Property 5.125% · Services 5.0%

Gross Receipts Tax

Gross Receipts Tax (GRT)
Aztec 8.0% · Bloomfield 7.9375% · Farmington 7.625% · Kirtland 6.4375% · Kirtland Valley Water & Sanitation District 6.6875% · Unincorporated County Valley Water & Sanitation District 6.8125% · Remainder of Unincorporated County 6.5625%

Water Service for West Hammond, NM Area

West Hammond Domestic Water Association provides water for the West Hammond area near Bloomfield, New Mexico.

Call for service area and water rates – (505) 632-2987

Water Service for La Plata, NM

Upper La Plata Water Users Association provides water service for La Plata, New Mexico.

Call for service area and water rates – (505) 326-1751