Colorado vs New Mexico Taxes: Income, Property & Sales

Does Colorado or New Mexico have lower taxes? We answer that in a variety of ways below:

Colorado vs New Mexico Income Tax Comparison

	Colorado	New Mexico
Income Tax Rates & Thresholds	4.40%	1.70%: $0-$5,500 3.20%: $5,501-$11,000 4.70%: $11,001-$16,000 4.90%: $16,001-$210,000 5.90%: $210,001+
Median Income	$89,930	$56,420
Income Tax Paid On Median Household Income	$16,055	$7,031
Income After Tax Based on Median Household Income	$73,875	$49,389

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Colorado vs New Mexico Property Tax Comparison

	Colorado	New Mexico
Average Property Tax Rate	0.40%	0.60%
Average House Price By State	$555,300	$293,766
Average Property Tax Owed Per Year	$2,221	$1,763
Income After Income Taxes & Property Taxes Based On Median State Household Income	$71,654	$47,626

Colorado vs New Mexico Sales Tax Comparison

	Colorado	New Mexico
Average State Sales Tax	2.90%	5.13%
Average Local Sales Tax Across the State	4.87%	2.71%
Average Combined Sales Tax Rate	7.77%	7.84%
Maximum Amount of Sales Tax Paid Based on Median Household Income	$5,166	$3,462
Maximum Disposable Income Based on Median Household Income	$66,488	$44,164

After Tax Comparison Earning $40,000 Per Year Filing As Single

	Colorado	New Mexico
Income Tax Owed	$4,271	$4,086
After Tax Income	$35,729	$35,914
Income After Income & Property Tax	$33,508	$34,151
Maximum Disposable Income After Income, Property & Sales Taxes	$31,092	$31,669

After Tax Comparison Earning $60,000 Per Year Filing As Single

	Colorado	New Mexico
Income Tax Owed	$8,109	$7,994
After Tax Income	$51,891	$52,006
Income After Income & Property Tax	$49,670	$50,243
Maximum Disposable Income After Income, Property & Sales Taxes	$46,089	$46,591

After Tax Comparison Earning $80,000 Per Year Filing As Single

	Colorado	New Mexico
Income Tax Owed	$13,419	$13,374
After Tax Income	$66,581	$66,626
Income After Income & Property Tax	$64,360	$64,863
Maximum Disposable Income After Income, Property & Sales Taxes	$59,720	$60,148

After Tax Comparison Earning $100,000 Per Year Filing As Single

	Colorado	New Mexico
Income Tax Owed	$18,729	$18,754
After Tax Income	$81,271	$81,246
Income After Income & Property Tax	$79,050	$79,483
Maximum Disposable Income After Income, Property & Sales Taxes	$73,350	$73,705

After Tax Comparison Earning $100,000 Per Year Filing As Married Filing Jointly

	Colorado	New Mexico
Income Tax Owed	$11,852	$11,704
After Tax Income	$88,148	$88,296
Income After Income & Property Tax	$85,927	$86,533
Maximum Disposable Income After Income, Property & Sales Taxes	$79,732	$80,242

After Tax Comparison Earning $150,000 Per Year Filing As Married Filing Jointly

	Colorado	New Mexico
Income Tax Owed	$24,182	$24,209
After Tax Income	$125,818	$125,791
Income After Income & Property Tax	$123,597	$124,028
Maximum Disposable Income After Income, Property & Sales Taxes	$114,686	$115,012

After Tax Comparison Earning $200,000 Per Year Filing As Married Filing Jointly

	Colorado	New Mexico
Income Tax Owed	$37,457	$37,659
After Tax Income	$162,543	$162,341
Income After Income & Property Tax	$160,322	$160,578
Maximum Disposable Income After Income, Property & Sales Taxes	$148,763	$148,904

After Tax Comparison Earning $250,000 Per Year Filing As Married Filing Jointly

	Colorado	New Mexico
Income Tax Owed	$51,651	$52,028
After Tax Income	$198,349	$197,972
Income After Income & Property Tax	$196,128	$196,209
Maximum Disposable Income After Income, Property & Sales Taxes	$181,987	$181,945

FAQ

Does Colorado or New Mexico have lower income taxes?

Colorado’s income tax falls into the following range: 4.40%

Whereas New Mexico’s income tax is the following

• 1.70%: $0-$5,500
• 3.20%: $5,501-$11,000
• 4.70%: $11,001-$16,000
• 4.90%: $16,001-$210,000
• 5.90%: $210,001+

Does Colorado or New Mexico have lower property taxes?

Colorado has an average property tax rate of 0.40%

In comparison, New Mexico has an average property tax rate of 0.60%

Does Colorado or New Mexico have lower sales taxes?

Colorado has a state sales tax rate of 2.90% and an average local rate of 4.87% for a combined total rate of 7.77%.

In contrast, New Mexico has a state sales tax rate of 5.13% and an average local rate of 2.71% for a combined total rate of 7.84%.

Do you get to keep more money in Colorado or New Mexico?

Based on median household income after income, property and sales taxes Colorado gives you a maximum amount of disposable income of $66,488

In comparison, New Mexico gives you $44,164.

More Comparisons:

Colorado vs Nebraska
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Colorado vs West Virginia
Colorado vs Hawaii
Colorado vs New Hampshire

Sources:

https://en.wikipedia.org/wiki/State_income_tax#Rates_by_jurisdiction

https://www.bankrate.com/real-estate/property-tax-by-state/#by-state

https://fred.stlouisfed.org/release/tables?eid=259515&rid=249

https://www.fool.com/the-ascent/research/average-house-price-state/

https://taxfoundation.org/data/all/state/2022-sales-taxes/

https://www.forbes.com/advisor/income-tax-calculator/