Illinois vs New Mexico Taxes: Income, Property & Sales

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

Illinois vs New Mexico Income Tax Comparison

	Illinois	New Mexico
Income Tax Rates & Thresholds	4.95%	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	$78,020	$56,420
Income Tax Paid On Median Household Income	$13,677	$7,031
Income After Tax Based on Median Household Income	$64,343	$49,389

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Illinois vs New Mexico Property Tax Comparison

	Illinois	New Mexico
Average Property Tax Rate	1.78%	0.60%
Average House Price By State	$254,128	$293,766
Average Property Tax Owed Per Year	$4,523	$1,763
Income After Income Taxes & Property Taxes Based On Median State Household Income	$59,820	$47,626

Illinois vs New Mexico Sales Tax Comparison

	Illinois	New Mexico
Average State Sales Tax	6.25%	5.13%
Average Local Sales Tax Across the State	2.56%	2.71%
Average Combined Sales Tax Rate	8.81%	7.84%
Maximum Amount of Sales Tax Paid Based on Median Household Income	$4,843	$3,462
Maximum Disposable Income Based on Median Household Income	$54,976	$44,164

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

	Illinois	New Mexico
Income Tax Owed	$4,903	$4,086
After Tax Income	$35,097	$35,914
Income After Income & Property Tax	$30,574	$34,151
Maximum Disposable Income After Income, Property & Sales Taxes	$28,098	$31,669

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

	Illinois	New Mexico
Income Tax Owed	$8,820	$7,994
After Tax Income	$51,180	$52,006
Income After Income & Property Tax	$46,657	$50,243
Maximum Disposable Income After Income, Property & Sales Taxes	$42,879	$46,591

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

	Illinois	New Mexico
Income Tax Owed	$14,210	$13,374
After Tax Income	$65,790	$66,626
Income After Income & Property Tax	$61,267	$64,863
Maximum Disposable Income After Income, Property & Sales Taxes	$56,306	$60,148

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

	Illinois	New Mexico
Income Tax Owed	$19,600	$18,754
After Tax Income	$80,400	$81,246
Income After Income & Property Tax	$75,877	$79,483
Maximum Disposable Income After Income, Property & Sales Taxes	$69,733	$73,705

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

	Illinois	New Mexico
Income Tax Owed	$13,196	$11,704
After Tax Income	$86,804	$88,296
Income After Income & Property Tax	$82,281	$86,533
Maximum Disposable Income After Income, Property & Sales Taxes	$75,619	$80,242

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

	Illinois	New Mexico
Income Tax Owed	$25,726	$24,209
After Tax Income	$124,274	$125,791
Income After Income & Property Tax	$119,751	$124,028
Maximum Disposable Income After Income, Property & Sales Taxes	$110,055	$115,012

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

	Illinois	New Mexico
Income Tax Owed	$39,201	$37,659
After Tax Income	$160,799	$162,341
Income After Income & Property Tax	$156,276	$160,578
Maximum Disposable Income After Income, Property & Sales Taxes	$143,622	$148,904

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

	Illinois	New Mexico
Income Tax Owed	$53,595	$52,028
After Tax Income	$196,405	$197,972
Income After Income & Property Tax	$191,882	$196,209
Maximum Disposable Income After Income, Property & Sales Taxes	$176,345	$181,945

FAQ

Does Illinois or New Mexico have lower income taxes?

Illinois’s income tax falls into the following range: 4.95%

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 Illinois or New Mexico have lower property taxes?

Illinois has an average property tax rate of 1.78%

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

Does Illinois or New Mexico have lower sales taxes?

Illinois has a state sales tax rate of 6.25% and an average local rate of 2.56% for a combined total rate of 8.81%.

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 Illinois or New Mexico?

Based on median household income after income, property and sales taxes Illinois gives you a maximum amount of disposable income of $54,976

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

More Comparisons:

Illinois vs Nebraska
Illinois vs Idaho
Illinois vs West Virginia
Illinois vs Hawaii
Illinois 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/