New Mexico Tax Department Issues Information on Certain Taxes for New Residents

The New Mexico Taxation and Revenue Department May 1 issued updated information on gross receipts, property, and individual income taxes for new residents. The information includes: 1) gross receipt tax rates; 2) personal income taxes and related taxes; 3) requirements for filing personal income tax returns; 4) how to determine a resident and nonresident; and 5) property tax rates and property tax exemptions. [N.M. Tax’n & Revenue Dep’t, FYI-101, 05/01/24]

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