New Mexico has a reputation as a low property tax state:
But, according to the Tax Foundation, at least between the years of 2009-2010, that burden grew more rapidly in New Mexico than all but a few other states.
One year doesn’t make a trend and New Mexico is not currently in danger of losing its low property tax status, but if the trend continues, it could become a larger issue. However, if property taxes rose (they are a tax on wealth) and the personal income tax (a tax on productivity) were eliminated, might that be good for New Mexico’s economy?
3 Replies to “New Mexico property taxes on the rise”
Yes, eliminate the Income tax, and raise the property tax, and make the tax progressive as well.
Exempt, say, the first $ 50,000 of value, and step up the tax at $ 250,000, then $ 500,000 and every $ 250,000.
Let Ted Turner pay more than he does. Is his property truly “ranching”? I think NOT.
So, property values down, property tax up, homeowners insurance up, general cost of living up, but no ‘up’ for income in the last four years. What’s wrong with this picture?
What Louise wrote! Should we give the money to the government(s), or should we hire an employee? Hmmm.