PAY LOCAL TAXES

 

In addition to federal and state taxes, you may also be liable for local taxes. If you own a building and/or land, you are liable for property tax, which is collected by the county. If your business is a lodging, some communities will charge you a lodger's tax.

 

You should receive a bill for property tax from the county at the end of the year. If you are liable for lodger's tax, you will be responsible for reporting the relevant income and for reporting and paying the tax.

 

 

LODGERS TAX

 

If you own a business that provides lodging, you may owe lodging tax. Some municipalities in New Mexico impose a lodging tax that you must collect from persons using your commercial lodging accommodations. This tax provides revenues for advertising, publicizing, promoting, acquiring, and constructing recreational and tourist facilities. Often the lodger's tax must be reported and paid once a month.

 

To determine the practice of your municipality, look up your business's municipality and "Lodger's Tax" on the internet, and follow the instructions provided there. You may need to telephone the municipal offices to learn what is required for Lodger's Tax.

 

 

PROPERTY TAX

 

If you or your business own real property, you need to pay property taxes as least once a year. You will receive a property tax bill in the mail. Property taxes are collected by the assessor of each New Mexico County. The county commission sets the tax rate.

 

In some counties, you can pay your property tax online. In most counties, you will need to submit your payment by mailing it or by bringing the payment to your county assessor's office. To determine whether you can pay your property tax online, look up your business's county and "property tax," on the internet and check out the county web site. You may need to telephone the county offices to learn what is required for property tax.