Earn up to 3.00% APYb on your balance in a
North One Business Checking Accounty
—that’s nearly 42x the national averagez
—that’s nearly 42x the national averagez
North One APY
up to
up to
3.00%
National
Average APY
Average APY
0.07%
Free
Determine New Mexico sales tax quickly with our Sales Tax Calculator. Enter your amount for accurate tax calculations across the Land of Enchantment.
If you’re doing business in New Mexico—or just shopping around—you’ll want to understand how the state’s unique sales tax system works. Instead of a traditional sales tax, New Mexico uses a Gross Receipts Tax (GRT), which can apply to both goods and services. That makes it all the more important to know what rate applies to your sale, purchase, or invoice.
Our New Mexico Sales Tax Calculator is built to help. Whether you’re a small business owner billing clients or a customer verifying charges, this tool takes the math off your plate.
North One is a financial technology company, not a bank. Banking services for the deposit account provided by The Bancorp Bank, N.A., Member FDIC.
New Mexico doesn’t have a traditional sales tax—instead, it uses a Gross Receipts Tax (GRT), which applies to most business transactions, including services. While technically levied on businesses, the cost is usually passed to consumers. The statewide base rate is 5.125%, but local add-ons can push it as high as 9.0625%, with variations depending on location and industry.
Even with the unique GRT structure, calculating tax in New Mexico can be broken down into simple steps. Here’s the method most businesses follow:
Multiply the Purchase Amount by the GRT Rate to get the Sales Tax Amount owed
Add the Sales Tax Amount to the Purchase Amount to find the Total Cost
You can use these formulas or use our calculator for a faster answer.
Sales Tax = Purchase Amount × GRT Rate
Total Cost = Purchase Amount + Sales Tax
While New Mexico’s GRT covers a broad range of transactions, the state does provide several exemptions and deductions. These can reduce or eliminate the tax owed for certain businesses, industries, and consumer goods:
Fully exempt from GRT.
Certain groceries which are exempt from GRT (though local taxes may still apply).
Construction materials for resale (if used in specific contract types)
.svg){kind=small}
May qualify for deductions under New Mexico's tax code.
.svg){kind=small}
Must meet exemption criteria.
For fully details and eligibility criteria, refer to the New Mexico Taxation and Revenue Department website.
1California Tax and Fee Administration: California City & County Sales & Use Tax Rates (effective October 1, 2024)
2California Tax and Fee Administration: Laws, Regulations and Annotations
Unlike some other states, New Mexico does not currently offer sales tax holidays, but this could change with new legislation.
3California Tax and Fee Administration: California City & County Sales & Use Tax Rates (effective October 1, 2024)
North One is a financial technology company, not a bank. Banking services for the deposit account provided by The Bancorp Bank, N.A., Member FDIC.
1 Taxation & Revenue New Mexico: Sales Tax Exemptions
