Virginia vs New Mexico Taxes: Income, Property & Sales

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

Virginia vs New Mexico Income Tax Comparison

	Virginia	New Mexico
Income Tax Rates & Thresholds	2.00%: $0-$3,000 3.00%: $3,001-$5,000 5.00%: $5,001-$17,000 5.75%: $17,001+	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	$85,170	$56,420
Income Tax Paid On Median Household Income	$15,833	$7,031
Income After Tax Based on Median Household Income	$69,337	$49,389

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Virginia vs New Mexico Property Tax Comparison

	Virginia	New Mexico
Average Property Tax Rate	0.72%	0.60%
Average House Price By State	$376,931	$293,766
Average Property Tax Owed Per Year	$2,714	$1,763
Income After Income Taxes & Property Taxes Based On Median State Household Income	$66,623	$47,626

Virginia vs New Mexico Sales Tax Comparison

	Virginia	New Mexico
Average State Sales Tax	5.30%	5.13%
Average Local Sales Tax Across the State	0.45%	2.71%
Average Combined Sales Tax Rate	5.75%	7.84%
Maximum Amount of Sales Tax Paid Based on Median Household Income	$3,623	$3,462
Maximum Disposable Income Based on Median Household Income	$63,001	$44,164

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

	Virginia	New Mexico
Income Tax Owed	$4,771	$4,086
After Tax Income	$35,229	$35,914
Income After Income & Property Tax	$32,515	$34,151
Maximum Disposable Income After Income, Property & Sales Taxes	$30,747	$31,669

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

	Virginia	New Mexico
Income Tax Owed	$8,848	$7,994
After Tax Income	$51,152	$52,006
Income After Income & Property Tax	$48,438	$50,243
Maximum Disposable Income After Income, Property & Sales Taxes	$45,804	$46,591

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

	Virginia	New Mexico
Income Tax Owed	$14,398	$13,374
After Tax Income	$65,602	$66,626
Income After Income & Property Tax	$62,888	$64,863
Maximum Disposable Income After Income, Property & Sales Taxes	$59,469	$60,148

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

	Virginia	New Mexico
Income Tax Owed	$19,948	$18,754
After Tax Income	$80,052	$81,246
Income After Income & Property Tax	$77,338	$79,483
Maximum Disposable Income After Income, Property & Sales Taxes	$73,133	$73,705

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

	Virginia	New Mexico
Income Tax Owed	$13,349	$11,704
After Tax Income	$86,651	$88,296
Income After Income & Property Tax	$83,937	$86,533
Maximum Disposable Income After Income, Property & Sales Taxes	$79,373	$80,242

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

	Virginia	New Mexico
Income Tax Owed	$26,279	$24,209
After Tax Income	$123,721	$125,791
Income After Income & Property Tax	$121,007	$124,028
Maximum Disposable Income After Income, Property & Sales Taxes	$114,428	$115,012

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

	Virginia	New Mexico
Income Tax Owed	$40,154	$37,659
After Tax Income	$159,846	$162,341
Income After Income & Property Tax	$157,132	$160,578
Maximum Disposable Income After Income, Property & Sales Taxes	$148,588	$148,904

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

	Virginia	New Mexico
Income Tax Owed	$54,948	$52,028
After Tax Income	$195,052	$197,972
Income After Income & Property Tax	$192,338	$196,209
Maximum Disposable Income After Income, Property & Sales Taxes	$181,880	$181,945

FAQ

Does Virginia or New Mexico have lower income taxes?

Virginia’s income tax falls into the following range:

• 2.00%: $0-$3,000
• 3.00%: $3,001-$5,000
• 5.00%: $5,001-$17,000
• 5.75%: $17,001+

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 Virginia or New Mexico have lower property taxes?

Virginia has an average property tax rate of 0.72%

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

Does Virginia or New Mexico have lower sales taxes?

Virginia has a state sales tax rate of 5.30% and an average local rate of 0.45% for a combined total rate of 5.75%.

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 Virginia or New Mexico?

Based on median household income after income, property and sales taxes Virginia gives you a maximum amount of disposable income of $63,001

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

More Comparisons:

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