New Mexico collected $57 million in property taxes during the first quarter, a 1,040% increase over the fourth quarter of 2024, according to the U.S. Census Bureau’s Quarterly Summary of State and Local Taxes.
Property tax revenue for the fourth quarter of 2024 was $5 million.
Overall, New Mexico collected $3.8 billion in combined tax revenues in the first quarter, an increase from the $3.3 billion collected in the previous quarter.
In addition to detailed tax revenue data from each state, the Quarterly Summary of State and Local Government Tax Revenue includes an estimate of state and local government tax revenue at a national level.
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.
During 2024, the U.S. government collected a total of $4.92 trillion in revenue. Individual income taxes were the biggest contributor, generating $2.4 trillion, nearly half of all revenue collected. Payroll taxes came in second, adding around $1.7 trillion to revenue. The third largest source was corporate income taxes, generating $530 billion.
| Type of Tax | Amount (millions) |
|---|---|
| Property Taxes | $57 |
| Sales and Gross Receipts Taxes | $1,512 |
| Income Taxes | $819 |
| License Taxes | $106 |
| Other Taxes | $1,266 |
Source: U.S. Census Bureau
