New Mexico Income Tax Rate 2023 - 2024
New Mexico state income tax rate table for the 2023 - 2024 filing season has five income tax brackets with NM tax rates of 1.7%, 3.2%, 4.7%, 4.9% and 5.9% for Single, Married Filing Jointly, Married Filing Separately, and Head of Household statuses. The New Mexico tax rate and tax brackets are unchanged from last year.
New Mexico income tax rate and tax brackets shown in the table below are based on income earned between January 1, 2023 through December 31, 2023. Outlook for the 2024 New Mexico income tax rate is to remain unchanged.
| Income Tax Bracket | Tax Rate 2023 | ||
|---|---|---|---|
| $0 | to | $5,500 | 1.7% |
| $5,501 | to | $11,000 | 3.2% |
| $11,001 | to | $16,000 | 4.7% |
| $16,001 | to | $210,000 | 4.9% |
| $210,001 | to | ∞ | 5.9% |
| Income Tax Bracket | Tax Rate 2023 | ||
|---|---|---|---|
| $0 | to | $8,000 | 1.7% |
| $8,001 | to | $16,000 | 3.2% |
| $16,001 | to | $24,000 | 4.7% |
| $24,001 | to | $315,000 | 4.9% |
| $315,001 | to | ∞ | 5.9% |
| Income Tax Bracket | Tax Rate 2023 | ||
|---|---|---|---|
| $0 | to | $4,000 | 1.7% |
| $4,001 | to | $8,000 | 3.2% |
| $8,001 | to | $12,000 | 4.7% |
| $12,001 | to | $157,500 | 4.9% |
| $157,501 | to | ∞ | 5.9% |
| Income Tax Bracket | Tax Rate 2023 | ||
|---|---|---|---|
| $0 | to | $8,000 | 1.7% |
| $8,001 | to | $16,000 | 3.2% |
| $16,001 | to | $24,000 | 4.7% |
| $24,001 | to | $315,000 | 4.9% |
| $315,001 | to | ∞ | 5.9% |
Source: 2023 New Mexico State Tax Rate Schedule, published by the New Mexico Taxation & Revenue Department.
Please reference the New Mexico tax forms and instructions booklet published by the New Mexico Taxation & Revenue Department to determine if you owe state income tax or are due a state income tax refund. New Mexico income tax forms are generally published at the end of each calendar year, which will include any last minute 2023 - 2024 legislative changes to the NM tax rate or tax brackets. The New Mexico income tax rate tables and tax brackets shown on this web page are for illustration purposes only.
New Mexico Tax Brackets 2023 - 2024
Looking at the tax rate and tax brackets shown in the tables above for New Mexico, we can see that New Mexico collects individual income taxes differently for Single versus Married filing statuses, for example. We can also see the progressive nature of New Mexico state income tax rates from the lowest NM tax rate bracket of 1.7% to the highest NM tax rate bracket of 5.9%.
For single taxpayers living and working in the state of New Mexico:
- Tax rate of 1.7% on the first $5,500 of taxable income.
- Tax rate of 3.2% on taxable income between $5,501 and $11,000.
- Tax rate of 4.7% on taxable income between $11,001 and $16,000.
- Tax rate of 4.9% on taxable income between $16,001 and $210,000.
- Tax rate of 5.9% on taxable income over $210,000.
For married taxpayers living and working in the state of New Mexico:
- Tax rate of 1.7% on the first $8,000 of taxable income.
- Tax rate of 3.2% on taxable income between $8,001 and $16,000.
- Tax rate of 4.7% on taxable income between $16,001 and $24,000.
- Tax rate of 4.9% on taxable income between $24,001 and $315,000.
- Tax rate of 5.9% on taxable income over $315,000.
For the Single, Married Filing Jointly, Married Filing Separately, and Head of Household filing statuses, the NM tax rates and the number of tax brackets remain the same. Notice the New Mexico income tax brackets for Married Filing Jointly increase from $5,500 to $8,000 (not double) at 3.2%, and increase from $210,000 to $315,000 (not double) at 5.9% the highest tax bracket. Married Filing Separately income tax brackets are not one half that of the Married Filing Jointly income tax brackets in the state of New Mexico.
Last updated: December 9, 2023
References:
- Personal Income Tax Rates. New Mexico Taxation and Revenue Department. Retrieved December 9, 2023.
- 7-2-7 Individual income tax rates. New Mexico Statutes Annotated Legislature, New Mexico Compilation Commission. Retrieved December 9, 2023.
- New Mexico personal income tax rates revised starting in 2021. EY, Tax News Update. Retrieved December 9, 2023.
- New Mexico State Tax: Overview. Washington, Katelyn. Kiplinger Personal Finance, December 9, 2023. Retrieved December 9, 2023.