REAL PROPERTY

NEW MEXICO RANKS 12 IN THE NATION ACCORDING TO MONEY MAGAZINE.
CALIFORNIA RANKED 38

	1.	PROPERTY IS ASSESSED AT THE RATE OF 33 1/3% OF VALUE
		a $100,000 property would be $1,169

2.		MILL LEVY:
		CITY OF ALBUQUERQUE		38.228 TO 43.218
		OTHER TOWNS IN			25.502 TO 26.502
		BERNALILLO COUNTY	
		RIO RANCHO			22.994
		SANDOVAL COUNTY			13.980
		OUTSIDE OF RIO RANCHO			
		BELEN				32.125
		LOS LUNAS			23.341

3. 		SAMPLE CALCULATION:
		ASSESSED VALUE (HOUSE AND LAND)		$100,000
		ASSESMENT RATIO				.33
		TAXABLE VALUE				$33,000
		TAX RATE				X .032228
		ANNUAL TAX DUE				$1,065

Taxes due 12-10 and 4-10 paid in the rears 50% each time.......................


PERSONAL STATE INCOME TAX


1. GRADUATED
2. MARRIED, FILING JOINTLY  2.4% TO 8.5%
3. NEW MEXICO BASE INCOME IS EQUALS NEW MEXICO TAXABLE AMOUNT
4. AGI MINUS DEDUCTIONS EQUALS NM TAXABLE AMOUNT
5. EXAMPLE:  FEDERAL TAXABLE INCOME OF $34,000 
(MARRIED JOINT) = $1,473 NM TAX


EXCISE  TAX


VEHICLES 3%


GROSS RECEIPTS TAX

EFFECTIVE JAN 1 2007 THROUGH JUNE 30,2007


ALBUQUERQUE	6.875%
BERNALILLO COUNTY	7.125%
CORRALES		6.625%
PLACITAS		5.750%
RIO RANCHO	6.6875%
BELEN		7.1875%
BOSQUE FARMS	7.0625%
LOS LUNAS		7.1875%


TIJERAS		6.6875%
EDGEWOOD		7.3125%
SANTA FE		7.625%
TAOS		7.50%



STATE GROSS RECEIPTS IS 5.00%
OUT OF STATE BUSINES      5%





 






Drivers license applicants:
Everyone eighteen through forty four years of age(including those 5 and older 
who have not had a license in the past ten years or who have been convicted of DWI)
who is applying of a New Mexico driver's license shall submit evidence with 
his application that he/she has successfully completed a traffic safety approved
DWI prevention and education program.  Individuals transferring an out of state
CDL (commercial license) do not need to take this class. With no lic. you will
need a birth cert. and ss card.

Legal driving age in NM is 15.

Code of Federal Regulations Vets
§3.2   Periods of war. 


This section sets forth the beginning and ending dates of each war period beginning 
with the Indian wars. Note that the term period of war in reference to pension 
entitlement under 38 U.S.C. 1521, 1541 and 1542 means all of the war periods 
listed in this section except the Indian wars and the Spanish-American War. 
See §3.3(a)(3) and (b)(4)(i). 

(a) Indian wars. January 1, 1817, through December 31, 1898, inclusive. Service 
must have been rendered with the United States military forces against Indian tribes or nations. 

(b) Spanish-American War. April 21, 1898, through July 4, 1902, inclusive. 
If the veteran served with the United States military forces engaged in 
hostilities in the Moro Province, the ending date is July 15, 1903. The 
Philippine Insurrection and the Boxer Rebellion are included. 

(c) World War I. April 6, 1917, through November 11, 1918, inclusive. If 
the veteran served with the United States military forces in Russia, the 
ending date is April 1, 1920. Service after November 11, 1918 and before 
July 2, 1921 is considered World War I service if the veteran served in 
the active military, naval, or air service after April 5, 1917 and before 
November 12, 1918. 

(d) World War II. December 7, 1941, through December 31, 1946, inclusive. 
If the veteran was in service on December 31, 1946, continuous service 
before July 26, 1947, is considered World War II service. 

(e) Korean conflict. June 27, 1950, through January 31, 1955, inclusive. 

(f) Vietnam era. The period beginning on February 28, 1961, and ending on 
May 7, 1975, inclusive, in the case of a veteran who served in the Republic 
of Vietnam during that period. The period beginning on August 5, 1964, and 
ending on May 7, 1975, inclusive, in all other cases. (Authority: 38 U.S.C. 101(29))


(g) Future dates. The period beginning on the date of any future declaration 
of war by the Congress and ending on a date prescribed by Presidential 
proclamation or concurrent resolution of the Congress. (Authority: 38 U.S.C. 101)


(h) Mexican border period. May 9, 1916, through April 5, 1917, in the case of 
a veteran who during such period served in Mexico, on the borders thereof, or 
in the waters adjacent thereto. (Authority: 38 U.S.C. 101(30))


(i) Persian Gulf War. August 2, 1990, through date to be prescribed by 
Presidential proclamation or law. (Authority: 38 U.S.C. 101(33))


[26 FR 1563, Feb. 24, 1961, as amended at 32 FR 13223, Sept. 19, 1967; 
36 FR 8445, May 6, 1971; 37 FR 6676, Apr. 1, 1972; 40 FR 27030, June 26, 1975;
 44 FR 45931, Aug. 6, 1979; 56 FR 57986, Nov. 15, 1991; 62 FR 35422, July 1, 1997] 

NEW MEXICO
SALES TAX

Gross Receipts Tax: 5% (prescription drugs exempt); county and city taxes may add another 2.1875%.
Cigarette Tax: 91 cents/20pack, $1.14/25pack.
Gasoline Tax: 18.9cents/gallon
Diesel Fuel Tax: 19.9 cents/gallon
Gasohol Tax: 18.9 cents/gallon

PERSONAL INCOME TAXES

Tax Rate Range: -1.7%; High -7.7%
Income Brackets: * Lowest - $5,500; Highest - $42,000
Number of Brackets: 6
Personal Exemptions: ** Single - $3,050; Married - $6,100; Dependents - $3,050
Additional Exemptions: Taxpayer or spouse 65 or older - up to $8,000
Standard Deduction: Single - $4,750; Married filing jointly - $9, 500
Medical/Dental Deduction: Credit of 3% of unreimbursed prescription drug expenses to
Maximum of $150 per individual or $300 per return
Federal Income Tax Deduction: None
Retirement Income Taxes: Taxpayers 65 and older may exempt up to $8,000 (from any income source) 
if their income is under $28,500 (individual filers) or $51,000 (married filing jointly).
Retired Military Pay: See above.

Military Disability Retired Pay: Disability Portion- Length of Service Pay; Member on 
September 24, 1975- No Tax; Not a Member on September 24, 1975- Taxed, unless combat 
incurred. Retired Pay- Based solely on disability: Member on September 24, 1975- No tax; 
Not Member on September 24, 1975- Taxed, unless all pay based on disability and disability 
resulted from armed conflict, extra hazardous service, simulated war, or an instrumentality of war.
VA Disability Dependency and Indemnity Compensation: Not subject to federal or state taxes.
Military SBP/SSBP/RCSBP/RSFPP: Generally subject to state taxes for those states with income 
tax. Check with state department of revenue office.

PROPERTY TAXES

The state assesses residences at market value. Assessors usually determine market value by the 
sales-comparison approach which matches a property's value to that of similar properties. 
The valuation of a residence that did not change hands in the prior year may not increase 
by more than 3% annually. One third of the property's market value is its taxable value, 
which may be further reduced by exemptions (of $2,000 each) for veterans and heads of 
households. Homeowners 65 and older who earn $18,000 ($25,000 in Sandoval County) or 
less are eligible for a credit of up to $250 for married filing jointly or $125 for 
single taxpayers. Call 505-827-0870 for details.

INHERITANCE AND ESTATE TAXES

There is no inheritance tax, but an inheritance may be reflected in a taxpayer's modified 
gross income and taxed that way. The estate tax is related to federal estate tax collection.

For further information, visit the New Mexico Taxation and Revenue Department site.
Information for new residents, click here.
*The tax brackets reported are for a single individual. Form married individuals filing 
jointly, the rate ranges from 1.7% under $8,000 to 8.2% over $100,000. Married households 
filing separately pay the tax imposed on half the income.
**New Mexico allows personal exemptions or standard deductions as provided in the Internal Revenue Code.




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*This is not intended as a listing solicitation
for property currently listed with another broker. Offered properties subject
to omissions, errors, change of price, condition, lease, prior sale or
withdrawal without notice. Listings on the associated pages may or may
not be held by Trish and Chuck and are represented as typical listings
for the area involved. Trish and Chuck present them to you in what could
be a buyers agent or dual agent capacity. Trish and Chuck are typically
paid by sellers of properties in this capacity. Please ask for specific
information. The information has been obtained from sources believed reliable.
While we do not doubt its accuracy, we have not verified it and make no
guarantee, warranty or representation about it. All offerings are subject
to prior sale, change in price, and conditions. copyright , 2000   V C Dawson,
Corrales NM 

TRISH DAWSON, JD, REALTOR AND
CHUCK DAWSON, MA, ASSOCIATE BROKER
both with Coldwell Banker Legacy 898 2700
DIRECT 505-792 7632 HOME  505-898-9380 
971-8584 PAGE  898-9372 FAX