Source: GRT rates schedules, New Mexico Taxation and Revenue Department
When local governments in the Land of Enchantment increase their gross receipts taxes, the hikes go into effect on January 1st or July 1st. So one month from today, a hefty number of New Mexico taxpayers will be paying more when purchasing goods and services. Albuquerque’s levy, boosted by Bernalillo County’s imposition of a three-sixteenths of 1 percent increase, will rise to 7.5 percent.
Sadly, GRT rates in the new century have gone in only one direction — up. The chart above lists how much New Mexico’s seven largest municipalities raised their GRT rates between January 1st, 2000 and January 1st, 2017. (Rio Rancho is bifurcated into its Bernalillo County and Sandoval County portions.) The biggest burden was imposed by Las Cruces, which increased its rate from 6.375 percent to 7.75 percent. But among the seven, The City of the Crosses will soon lose its status as the top hiker. Clovisites are scheduled to get hit with an eighth-of-a-percent increase July 1st, which means their rate will have increased by a whopping 31 percent since 2000.
Did local pols hike the GRT in your community — or are they planning to? Let us know about it.