Oklahoma vs New Mexico Taxes: Income, Property & Sales

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

Oklahoma vs New Mexico Income Tax Comparison

	Oklahoma	New Mexico
Income Tax Rates & Thresholds	0.25%: $0-$1,000 0.75%: $1,001-$2,500 1.75%: $2,501-$3,750 2.75%: $3,751-$4,900 3.75%: $4,901-$7,200 4.75%: $7,201+	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	$63,440	$56,420
Income Tax Paid On Median Household Income	$9,200	$7,031
Income After Tax Based on Median Household Income	$54,240	$49,389

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Oklahoma vs New Mexico Property Tax Comparison

	Oklahoma	New Mexico
Average Property Tax Rate	0.76%	0.60%
Average House Price By State	$200,203	$293,766
Average Property Tax Owed Per Year	$1,522	$1,763
Income After Income Taxes & Property Taxes Based On Median State Household Income	$52,718	$47,626

Oklahoma vs New Mexico Sales Tax Comparison

	Oklahoma	New Mexico
Average State Sales Tax	4.50%	5.13%
Average Local Sales Tax Across the State	4.47%	2.71%
Average Combined Sales Tax Rate	8.97%	7.84%
Maximum Amount of Sales Tax Paid Based on Median Household Income	$4,340	$3,462
Maximum Disposable Income Based on Median Household Income	$48,379	$44,164

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

	Oklahoma	New Mexico
Income Tax Owed	$4,403	$4,086
After Tax Income	$35,597	$35,914
Income After Income & Property Tax	$34,075	$34,151
Maximum Disposable Income After Income, Property & Sales Taxes	$31,270	$31,669

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

	Oklahoma	New Mexico
Income Tax Owed	$8,280	$7,994
After Tax Income	$51,720	$52,006
Income After Income & Property Tax	$50,198	$50,243
Maximum Disposable Income After Income, Property & Sales Taxes	$46,066	$46,591

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

	Oklahoma	New Mexico
Income Tax Owed	$13,630	$13,374
After Tax Income	$66,370	$66,626
Income After Income & Property Tax	$64,848	$64,863
Maximum Disposable Income After Income, Property & Sales Taxes	$59,510	$60,148

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

	Oklahoma	New Mexico
Income Tax Owed	$18,980	$18,754
After Tax Income	$81,020	$81,246
Income After Income & Property Tax	$79,498	$79,483
Maximum Disposable Income After Income, Property & Sales Taxes	$72,954	$73,705

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

	Oklahoma	New Mexico
Income Tax Owed	$12,178	$11,704
After Tax Income	$87,822	$88,296
Income After Income & Property Tax	$86,300	$86,533
Maximum Disposable Income After Income, Property & Sales Taxes	$79,197	$80,242

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

	Oklahoma	New Mexico
Income Tax Owed	$24,608	$24,209
After Tax Income	$125,392	$125,791
Income After Income & Property Tax	$123,870	$124,028
Maximum Disposable Income After Income, Property & Sales Taxes	$113,674	$115,012

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

	Oklahoma	New Mexico
Income Tax Owed	$37,983	$37,659
After Tax Income	$162,017	$162,341
Income After Income & Property Tax	$160,495	$160,578
Maximum Disposable Income After Income, Property & Sales Taxes	$147,284	$148,904

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

	Oklahoma	New Mexico
Income Tax Owed	$52,277	$52,028
After Tax Income	$197,723	$197,972
Income After Income & Property Tax	$196,201	$196,209
Maximum Disposable Income After Income, Property & Sales Taxes	$180,051	$181,945

FAQ

Does Oklahoma or New Mexico have lower income taxes?

Oklahoma’s income tax falls into the following range:

• 0.25%: $0-$1,000
• 0.75%: $1,001-$2,500
• 1.75%: $2,501-$3,750
• 2.75%: $3,751-$4,900
• 3.75%: $4,901-$7,200
• 4.75%: $7,201+

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 Oklahoma or New Mexico have lower property taxes?

Oklahoma has an average property tax rate of 0.76%

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

Does Oklahoma or New Mexico have lower sales taxes?

Oklahoma has a state sales tax rate of 4.50% and an average local rate of 4.47% for a combined total rate of 8.97%.

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 Oklahoma or New Mexico?

Based on median household income after income, property and sales taxes Oklahoma gives you a maximum amount of disposable income of $48,379

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

More Comparisons:

Oklahoma vs Nebraska
Oklahoma vs Idaho
Oklahoma vs West Virginia
Oklahoma vs Hawaii
Oklahoma 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/