New York vs New Mexico Taxes: Income, Property & Sales

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

New York vs New Mexico Income Tax Comparison

	New York	New Mexico
Income Tax Rates & Thresholds	4.00%: $0-$8,500 4.50%: $8,501-$11,700 5.25%: $11,701-$13,900 5.85%: $13,901-$80,650 6.25%: $80,651-$215,400 6.85%: $215,401-$1,077,550 9.65%: $1,077,551-$5,000,000 10.30%: $5,000,001-$25,000,000 10.90%: $25,000,001	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	$75,910	$56,420
Income Tax Paid On Median Household Income	$13,227	$7,031
Income After Tax Based on Median Household Income	$62,683	$49,389

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New York vs New Mexico Property Tax Comparison

	New York	New Mexico
Average Property Tax Rate	1.26%	0.60%
Average House Price By State	$421,274	$293,766
Average Property Tax Owed Per Year	$5,308	$1,763
Income After Income Taxes & Property Taxes Based On Median State Household Income	$57,375	$47,626

New York vs New Mexico Sales Tax Comparison

	New York	New Mexico
Average State Sales Tax	4.00%	5.13%
Average Local Sales Tax Across the State	4.52%	2.71%
Average Combined Sales Tax Rate	8.52%	7.84%
Maximum Amount of Sales Tax Paid Based on Median Household Income	$4,505	$3,462
Maximum Disposable Income Based on Median Household Income	$52,870	$44,164

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

	New York	New Mexico
Income Tax Owed	$4,699	$4,086
After Tax Income	$35,301	$35,914
Income After Income & Property Tax	$29,993	$34,151
Maximum Disposable Income After Income, Property & Sales Taxes	$27,638	$31,669

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

	New York	New Mexico
Income Tax Owed	$8,796	$7,994
After Tax Income	$51,204	$52,006
Income After Income & Property Tax	$45,896	$50,243
Maximum Disposable Income After Income, Property & Sales Taxes	$42,293	$46,591

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

	New York	New Mexico
Income Tax Owed	$14,366	$13,374
After Tax Income	$65,634	$66,626
Income After Income & Property Tax	$60,326	$64,863
Maximum Disposable Income After Income, Property & Sales Taxes	$55,590	$60,148

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

	New York	New Mexico
Income Tax Owed	$19,982	$18,754
After Tax Income	$80,018	$81,246
Income After Income & Property Tax	$74,710	$79,483
Maximum Disposable Income After Income, Property & Sales Taxes	$68,844	$73,705

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

	New York	New Mexico
Income Tax Owed	$12,962	$11,704
After Tax Income	$87,038	$88,296
Income After Income & Property Tax	$81,730	$86,533
Maximum Disposable Income After Income, Property & Sales Taxes	$75,313	$80,242

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

	New York	New Mexico
Income Tax Owed	$25,942	$24,209
After Tax Income	$124,058	$125,791
Income After Income & Property Tax	$118,750	$124,028
Maximum Disposable Income After Income, Property & Sales Taxes	$109,427	$115,012

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

	New York	New Mexico
Income Tax Owed	$39,956	$37,659
After Tax Income	$160,044	$162,341
Income After Income & Property Tax	$154,736	$160,578
Maximum Disposable Income After Income, Property & Sales Taxes	$142,587	$148,904

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

	New York	New Mexico
Income Tax Owed	$55,000	$52,028
After Tax Income	$195,000	$197,972
Income After Income & Property Tax	$189,692	$196,209
Maximum Disposable Income After Income, Property & Sales Taxes	$174,799	$181,945

FAQ

Does New York or New Mexico have lower income taxes?

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

• 4.00%: $0-$8,500
• 4.50%: $8,501-$11,700
• 5.25%: $11,701-$13,900
• 5.85%: $13,901-$80,650
• 6.25%: $80,651-$215,400
• 6.85%: $215,401-$1,077,550
• 9.65%: $1,077,551-$5,000,000
• 10.30%: $5,000,001-$25,000,000
• 10.90%: $25,000,001

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 New York or New Mexico have lower property taxes?

New York has an average property tax rate of 1.26%

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

Does New York or New Mexico have lower sales taxes?

New York has a state sales tax rate of 4.00% and an average local rate of 4.52% for a combined total rate of 8.52%.

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 New York or New Mexico?

Based on median household income after income, property and sales taxes New York gives you a maximum amount of disposable income of $52,870

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

More Comparisons:

New York vs Nebraska
New York vs Idaho
New York vs West Virginia
New York vs Hawaii
New York 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/