What are the income tax rates in New Mexico?
Asked a year ago
The income tax rates in New Mexico vary depending on an individual's taxable income bracket. For the tax year 2021, New Mexico follows a progressive income tax system with four tax brackets. The rates range from 1.7% to a maximum of 5.9%. Individuals with a taxable income below $5,500 are subject to the lowest tax rate of 1.7%. The tax rate gradually increases to 3.2% for income between $5,501 and $11,000, 4.7% for income between $11,001 and $16,000, and finally, 5.9% for income above $16,000. It's important to note that these rates only apply to New Mexico state income taxes and do not encompass federal taxes or local taxes, if applicable.
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