This is an official form from the Supreme Court State of New Mexico, which complies with all applicable laws and statutes. USLF amends and updates the forms as is required by New Mexico statutes and law.
New Mexico Agreement to Pay - Municipal
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FAQ
The compensating tax is imposed at a rate of 5.125% on certain property used in New Mexico and 5% on certain services used in New Mexico.
Typically the first half tax payment is due November 10 and becomes delinquent if not paid by December 10 (each year.) The second half is due April 10 and becomes delinquent after May 10 (each year).
DELINQUENT TAXES The notice will inform the owner that if the taxes on real property, including penalty and interest charges, are not paid within two years from the date of delinquency; the property will be sold at state public auction.
Use this number to report and pay state and local option gross receipts tax, New Mexico withholding tax and compensating tax under the Combined Reporting System (CRS). Known as a CRS Identification Number, it is used to report and pay tax collected on gross receipts from business conducted in New Mexico.
If all of a business's receipts are exempt, the business doesn't have to register with the state for GRT purposes. Common exemptions are receipts of a 501(c)(3) nonprofit and governmental entities, receipts from isolated or occasional sales, employee wages, interest and dividends and insurance company receipts.
In New Mexico, the seller pays the tax on the sales price of a product or service even if the seller doesn't collect it from the buyer and even if the buyer lives out of state. GRT was intended to widen the tax base by taxing more items at a lower rate than would be typical in states with a sales tax.
New Mexico residents are subject to the state's personal income tax. Additionally, the personal income tax applies to nonresidents who work in the state or derive income from property there.Personal income tax rates for New Mexico range from 1.7% to 4.9%, within four income brackets.
Generally speaking, sales and leases of goods and other property, both tangible and intangible, are taxable. Unlike many other states, sales and performances of most services are taxable in New Mexico.