Mansions for Sale in New Mexico
Search Mansions for Sale in New Mexico
General
New Mexico is located in the southwestern region of the United States. Inhabited by Native American populations for many centuries, it has also been part of the Imperial Spanish viceroyalty of New Spain, part of Mexico, and a U.S. territory. Among U.S. states, New Mexico has the highest percentage of Hispanics at 45% (2008, estimate), being descendants of Spanish colonists and recent immigrants from Latin America. It also has the third-highest percentage of Native Americans after Alaska and Oklahoma, and the fifth-highest total number of Native Americans after California, Oklahoma, Arizona, and Texas. The tribes represented in the state consist of mostly Navajo and Pueblo peoples. As a result, the demographics and culture of the state are unique for their strong Spanish, Mexican, and Native American cultural influences. At a population density of 16 per square mile, New Mexico is the sixth most sparsely inhabited U.S. state. As of April 2009 New Mexico had the 7th lowest unemployment rate in the country at 5.8%
Economy
Oil and gas production, tourism, and federal government spending are important drivers of the state economy. State government has an elaborate system of tax credits and technical assistance to promote job growth and business investment, especially in new technologies.
In 2007 New Mexico's Gross Domestic Product was $76.178 billion (preliminary figure). In 2007 the per capita personal income was $31,474 (rank 43rd in the nation).[31] In 2005 the percentage of persons below the poverty level was 18.4%. The New Mexico Tourism Department estimates that in Fiscal Year 2006 the travel industry in New Mexico generated expenditures of $6.5 billion.
Taxes
Beginning in 2008, personal income tax rates for New Mexico range from 1.7% to 4.9%, within four income brackets. Beginning in 2007, active-duty military salaries are exempt from the state income tax.
New Mexico imposes a Gross Receipts Tax (GRT) on many transactions, which many even include some governmental receipts. This resembles a sales tax but unlike the sales taxes in many states it applies to services as well as tangible goods. Normally, the provider or seller passes the tax on to the purchaser, however legal incidence and burden apply to the business, as an excise tax. GRT is imposed by the state and there may an additional locality component to produce a total tax rate.[45] As of July 1, 2008 the combined tax rate ranged from 5.125% to 8.4375%.
Property tax is imposed on real property by the state, by counties, and by school districts. In general, personal-use personal property is not subject to property taxation. On the other hand, property tax is levied on most business-use personalty. The taxable value of property is 1/3 of the assessed value. A tax rate of about 30 mills is applied to the taxable value, resulting in an effective tax rate of about 1%. In the 2005 tax year the average millage was about 26.47 for residential property and 29.80 for non-residential property. Assessed values of residences cannot be increased by more than 3% per year unless the residence is remodeled or sold.
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