Mississippi vs New Mexico Taxes: Income, Property & Sales

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

Mississippi vs New Mexico Income Tax Comparison

	Mississippi	New Mexico
Income Tax Rates & Thresholds	4.00%: $5,000-$10,000 5.00%: $10,001+	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	$48,610	$56,420
Income Tax Paid On Median Household Income	$5,789	$7,031
Income After Tax Based on Median Household Income	$42,821	$49,389

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Mississippi vs New Mexico Property Tax Comparison

	Mississippi	New Mexico
Average Property Tax Rate	0.55%	0.60%
Average House Price By State	$171,998	$293,766
Average Property Tax Owed Per Year	$946	$1,763
Income After Income Taxes & Property Taxes Based On Median State Household Income	$41,875	$47,626

Mississippi vs New Mexico Sales Tax Comparison

	Mississippi	New Mexico
Average State Sales Tax	7.00%	5.13%
Average Local Sales Tax Across the State	0.07%	2.71%
Average Combined Sales Tax Rate	7.07%	7.84%
Maximum Amount of Sales Tax Paid Based on Median Household Income	$2,765	$3,462
Maximum Disposable Income Based on Median Household Income	$39,110	$44,164

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

	Mississippi	New Mexico
Income Tax Owed	$4,325	$4,086
After Tax Income	$35,675	$35,914
Income After Income & Property Tax	$34,729	$34,151
Maximum Disposable Income After Income, Property & Sales Taxes	$32,436	$31,669

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

	Mississippi	New Mexico
Income Tax Owed	$8,253	$7,994
After Tax Income	$51,747	$52,006
Income After Income & Property Tax	$50,801	$50,243
Maximum Disposable Income After Income, Property & Sales Taxes	$47,447	$46,591

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

	Mississippi	New Mexico
Income Tax Owed	$13,653	$13,374
After Tax Income	$66,347	$66,626
Income After Income & Property Tax	$65,401	$64,863
Maximum Disposable Income After Income, Property & Sales Taxes	$61,082	$60,148

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

	Mississippi	New Mexico
Income Tax Owed	$19,053	$18,754
After Tax Income	$80,947	$81,246
Income After Income & Property Tax	$80,001	$79,483
Maximum Disposable Income After Income, Property & Sales Taxes	$74,718	$73,705

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

	Mississippi	New Mexico
Income Tax Owed	$12,351	$11,704
After Tax Income	$87,649	$88,296
Income After Income & Property Tax	$86,703	$86,533
Maximum Disposable Income After Income, Property & Sales Taxes	$80,978	$80,242

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

	Mississippi	New Mexico
Income Tax Owed	$24,906	$24,209
After Tax Income	$125,094	$125,791
Income After Income & Property Tax	$124,148	$124,028
Maximum Disposable Income After Income, Property & Sales Taxes	$115,950	$115,012

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

	Mississippi	New Mexico
Income Tax Owed	$38,406	$37,659
After Tax Income	$161,594	$162,341
Income After Income & Property Tax	$160,648	$160,578
Maximum Disposable Income After Income, Property & Sales Taxes	$150,040	$148,904

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

	Mississippi	New Mexico
Income Tax Owed	$52,825	$52,028
After Tax Income	$197,175	$197,972
Income After Income & Property Tax	$196,229	$196,209
Maximum Disposable Income After Income, Property & Sales Taxes	$183,272	$181,945

FAQ

Does Mississippi or New Mexico have lower income taxes?

Mississippi’s income tax falls into the following range:

• 4.00%: $5,000-$10,000
• 5.00%: $10,001+

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 Mississippi or New Mexico have lower property taxes?

Mississippi has an average property tax rate of 0.55%

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

Does Mississippi or New Mexico have lower sales taxes?

Mississippi has a state sales tax rate of 7.00% and an average local rate of 0.07% for a combined total rate of 7.07%.

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 Mississippi or New Mexico?

Based on median household income after income, property and sales taxes Mississippi gives you a maximum amount of disposable income of $39,110

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

More Comparisons:

Mississippi vs Nebraska
Mississippi vs Idaho
Mississippi vs West Virginia
Mississippi vs Hawaii
Mississippi 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/