Are there any exemptions available for specific groups of taxpayers?

Yes, New Mexico Taxation and Revenue Department offers various exemptions that cater to specific groups of taxpayers. These exemptions can be particularly beneficial in reducing tax liabilities for eligible individuals and entities. For instance, certain exemptions may apply to veterans, the elderly, and individuals with disabilities. Additionally, specific exemptions and deductions might be available to non-profit organizations, charities, and educational institutions, which can help support their activities and missions. Property tax exemptions are also prevalent, providing relief for qualifying residents, including veterans with service-connected disabilities as well as homeowners who are over the age of sixty-five. Furthermore, there are gross receipts tax deductions available for specific industries and activities, which can help businesses operating in sectors such as manufacturing or agriculture. Taxpayers should be aware that the qualifications and application processes for these exemptions can vary. Therefore, it is advisable to review the relevant pages on the New Mexico Taxation and Revenue Department’s website, as they provide detailed information about available exemptions, eligibility criteria, and application procedures.