Property taxes are levied to fund the costs of state and local governmental operations, infrastructure and debt service. Within the City of Gallup, taxpayers are levied to support:
• State Debt Service
• Gallup-McKinley County Schools
• City of Gallup
• McKinley County
• Rehoboth McKinley Christian Hospital
• University of New Mexico-Gallup
Property is taxed at 33-1/3% of the assessed value.
For example a $150,000 home:
Total Assesssed Valuation in Tax Year 2011 for Properties within the City Limits
Taxable Value: $50,000 (1/3 of the full value) x levy 31.658 results in a Total Property Tax of $1,582.90
Gross Receipts Tax
The State of New Mexico does not have a sales tax. Instead, the state has a gross receipts tax, which is imposed on persons engaged in business in New Mexico. In almost every case, the person engaged in business passes the tax to the consumer either separately stated or as part of the selling price. Only in its effect on the buyer does the gross receipts tax resemble a sales tax. The gross receipts tax rate varies throughout the state from 5.125% to 8.8675% depending on the location of the business. www.gallupnm.gov
Gallup Economic Development CommissionFor additional resources on locating a business in Gallup, NM, business resources, and data on doing business in Gallup and the expansive trading radius surrounding Gallup, visit the Gallup Economic Development Commission.