New Mexico Tax Sharing Agreement
Description
How to fill out Tax Sharing Agreement?
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FAQ
Severance tax bonds are issued against revenue from sev- erance taxes, taxes based on the value of oil, gas, or other natural resources ?severed? from the ground. This revenue is deposited into the severance tax bonding fund.
Receipts from the sale of the land are deductible from gross receipts as receipts from the sale of real property pursuant to Section 7-9-53 NMSA 1978. The real estate broker must pay tax on the entire $6,000 commission.
Severance taxes are taxes on the extraction of natural resources such as oil and natural gas.
New Mexico taxes all forms of retirement income, including Social Security, while offering a deduction to seniors with household income below a certain limit. New Mexico's sales taxes are above average, but its property taxes are generally low.
On all products, the tax rate is three and three-fourths percent (3.75%) of the taxable value.
Established in 1973, the severance tax permanent fund is the depository for severance taxes not being used to repay capital outlay project bonds. Severance taxes are assessed on the value of oil and natural gas ?severed? from all land in New Mexico.
Severance tax is a state tax imposed on the extraction of non-renewable natural resources that are intended for consumption in other states. These natural resources include such as crude oil, condensate and natural gas, coalbed methane, timber, uranium, and carbon dioxide.
Lien. When any person neglects or refuses to pay taxes after assessment and demand for payment has been made, a lien automatically exists, and we may file a notice of the lien in favor of the state on all taxpayer property under Section 7-1-37 NMSA 1978.
