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Enchantment State News

Tuesday, October 15, 2024

Higher property tax revenue in New Mexico during Q2

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Stephanie Schardin Clarke Tax Commissioner at New Mexico Taxation and Revenue Department | New Mexico Taxation and Revenue Department

Stephanie Schardin Clarke Tax Commissioner at New Mexico Taxation and Revenue Department | New Mexico Taxation and Revenue Department

New Mexico collected $61 million in property taxes during the second quarter, a 7% increase over the first quarter, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

Property tax revenue for the first quarter was $57 million.

Overall, New Mexico collected $3.7 billion in combined tax revenues in the second quarter, an increase from the $3.1 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.

Q2 New Mexico Tax Collections
Type of TaxAmount (millions)
Property Taxes$61
Sales and Gross Receipts Taxes$1,534
Income Taxes$996
License Taxes$141
Other Taxes$992
Source: U.S. Census Bureau

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