New Mexico vs Idaho Taxes: Income, Property & Sales

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

New Mexico vs Idaho Income Tax Comparison

	New Mexico	Idaho
Income Tax Rates & Thresholds	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+	1.00%: $0-$1,662 3.00%: $1,663-$4,987 4.50%: $4,988-$8,311 6.00%: $8,312+
Median Income	$56,420	$72,580
Income Tax Paid On Median Household Income	$7,031	$13,701
Income After Tax Based on Median Household Income	$49,389	$58,879

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New Mexico vs Idaho Property Tax Comparison

	New Mexico	Idaho
Average Property Tax Rate	0.60%	0.46%
Average House Price By State	$293,766	$443,638
Average Property Tax Owed Per Year	$1,763	$2,041
Income After Income Taxes & Property Taxes Based On Median State Household Income	$47,626	$56,838

New Mexico vs Idaho Sales Tax Comparison

	New Mexico	Idaho
Average State Sales Tax	5.13%	6.00%
Average Local Sales Tax Across the State	2.71%	0.02%
Average Combined Sales Tax Rate	7.84%	6.02%
Maximum Amount of Sales Tax Paid Based on Median Household Income	$3,462	$3,227
Maximum Disposable Income Based on Median Household Income	$44,164	$53,611

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

	New Mexico	Idaho
Income Tax Owed	$4,086	$4,441
After Tax Income	$35,914	$35,559
Income After Income & Property Tax	$34,151	$33,518
Maximum Disposable Income After Income, Property & Sales Taxes	$31,669	$31,615

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

	New Mexico	Idaho
Income Tax Owed	$7,994	$8,568
After Tax Income	$52,006	$51,432
Income After Income & Property Tax	$50,243	$49,391
Maximum Disposable Income After Income, Property & Sales Taxes	$46,591	$46,587

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

	New Mexico	Idaho
Income Tax Owed	$13,374	$14,168
After Tax Income	$66,626	$65,832
Income After Income & Property Tax	$64,863	$63,791
Maximum Disposable Income After Income, Property & Sales Taxes	$60,148	$60,169

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

	New Mexico	Idaho
Income Tax Owed	$18,754	$19,768
After Tax Income	$81,246	$80,232
Income After Income & Property Tax	$79,483	$78,191
Maximum Disposable Income After Income, Property & Sales Taxes	$73,705	$73,751

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

	New Mexico	Idaho
Income Tax Owed	$11,704	$12,482
After Tax Income	$88,296	$87,518
Income After Income & Property Tax	$86,533	$85,477
Maximum Disposable Income After Income, Property & Sales Taxes	$80,242	$80,624

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

	New Mexico	Idaho
Income Tax Owed	$24,209	$25,537
After Tax Income	$125,791	$124,463
Income After Income & Property Tax	$124,028	$122,422
Maximum Disposable Income After Income, Property & Sales Taxes	$115,012	$115,471

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

	New Mexico	Idaho
Income Tax Owed	$37,659	$39,537
After Tax Income	$162,341	$160,463
Income After Income & Property Tax	$160,578	$158,422
Maximum Disposable Income After Income, Property & Sales Taxes	$148,904	$149,427

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

	New Mexico	Idaho
Income Tax Owed	$52,028	$54,456
After Tax Income	$197,972	$195,544
Income After Income & Property Tax	$196,209	$193,503
Maximum Disposable Income After Income, Property & Sales Taxes	$181,945	$182,516

FAQ

Does New Mexico or Idaho have lower income taxes?

New Mexico’s income tax falls into the following range:

• 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+

Whereas Idaho’s income tax is the following

• 1.00%: $0-$1,662
• 3.00%: $1,663-$4,987
• 4.50%: $4,988-$8,311
• 6.00%: $8,312+

Does New Mexico or Idaho have lower property taxes?

New Mexico has an average property tax rate of 0.60%

In comparison, Idaho has an average property tax rate of 0.46%

Does New Mexico or Idaho have lower sales taxes?

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%.

In contrast, Idaho has a state sales tax rate of 6.00% and an average local rate of 0.02% for a combined total rate of 6.02%.

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

Based on median household income after income, property and sales taxes New Mexico gives you a maximum amount of disposable income of $44,164

In comparison, Idaho gives you $53,611.

More Comparisons:

New Mexico vs West Virginia
New Mexico vs Hawaii
New Mexico vs New Hampshire
New Mexico vs Maine
New Mexico vs Montana

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/