Residents and visitors to New Mexico paid $5.7 billion in taxes in 2018


New Mexico collected $5.7 billion in taxes in 2018, a 0.6 percent increase from the previous year, according to the U.S. Census Bureau’s Annual Survey of State Government Tax Collections (STC).

Most tax revenue came from sales and gross receipts taxes ($2.9 billion) and income taxes ($1.3 billion).

The STC survey includes five broad tax categories and up to 25 subcategories. Data is gathered from all 50 state governments and all dependent state-level entities.

The Census Bureau cautions that it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments.

Below is a breakdown of how taxes were classified by the bureau and how much was collected.

2018 New Mexico Tax Collections
Type of Tax
Amount
Property taxes
$84,224,000
Sales and gross receipts taxes
$2,885,892,000
License taxes
$316,690,000
Income taxes
$1,344,139,000
Other taxes
$1,040,959,000
General sales and gross receipts taxes
$2,073,118,000
Selective sales and gross receipts taxes
$812,774,000
Alcoholic beverages sales tax
$45,497,000
Amusements sales tax
$80,313,000
Insurance premiums sales tax
$169,355,000
Motor fuels sales tax
$230,303,000
Pari-mutuels sales tax
$842,000
Public utilities sales tax
$31,747,000
Tobacco products sales tax
$93,862,000
Other selective sales and gross receipts taxes
$160,855,000
Alcoholic beverages license
$0
Amusements license
$582,000
Corporations in general license
$32,175,000
Hunting and fishing license
$31,802,000
Motor vehicle license
$200,727,000
Motor vehicle operators license
$5,004,000
Public utilities license
$1,529,000
Occupation and business license, nec
$44,871,000
Other license taxes
$0
Individual income taxes
$1,252,651,000
Corporations net income taxes
$91,488,000
Death and gift taxes
$1,000
Documentary and stock transfer taxes
$0
Severance taxes
$1,040,958,000
Taxes, nec
$0

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