Overview of New Mexico

State Funds Budget Data

• Estimated 2023 State Funds Budget ($ Billions): $12.88
• Budget Limit ($ Billions): $13.48
• Budget Limit Growth ($ Billions): 4.68%
• Cost per person of budgeting more than pop+inf over the last decade in 2022 budget: $945.73
• Cost per family of 4 of budgeting more than pop+inf over the last decade in 2022 budget: $3,783
• Cumulative cost per person of budgeting more than pop+inf over the last decade: $8,268.02
• Cumulative cost per family of 4 of budgeting more than pop+inf over the last decade: $33,072.09

State All Funds Budget Data

• Estimated 2023 All Funds Budget ($ Billions): $24.28
• Budget Limit ($ Billions): $25.42
• Budget Limit Growth ($ Billions): 4.68%
• Cost per person of budgeting more than pop+inf over the last decade in 2022 budget: $1,216.28
• Cost per family of 4 of budgeting more than pop+inf over the last decade in 2022 budget: $4,865.11
• Cumulative cost per person of budgeting more than pop+inf over the last decade: $7,635.53
• Cumulative cost per family of 4 of budgeting more than pop+inf over the last decade: $30,542.11

Other Considerations

• Economic Freedom (2020) (Rank): 43 [Fraser Institute]
• State Tax Collections Per Capita (FY2021) ($): $3,531 [Tax Foundation]
• State Tax Collections Per Capita (FY2021) (Rank): 26 [Tax Foundation]
• State-Local Total Tax Burden per Capita (2022) ($): $4,835 [Tax Foundation]
• State-Local Tax Burden per Capita (2022) (%): 10.20% [Tax Foundation]
• State-Local Tax Burden per Capita (2022) (Rank): 25 [Tax Foundation]
• Top Income Tax Rate (2023) (%): 5.90% [Tax Foundation]
• Top Income Tax Rate (2023) (Rank): 32 [Tax Foundation]
• Flat or Progressive Income Tax (2023) (Flat/Progressive/Zero): P [Tax Foundation]
• Overall State Business Tax Climate Index (2023)(Rank): 22 [Tax Foundation]
• Corporate Income Top Tax Rate (2023) (%): 5.90% [Tax Foundation]
• Corporate Income Top Tax Rate (2023) (Rank): 29 [Tax Foundation]
• State-Local Sales Tax Rate (2023) (%): 7.72% [Tax Foundation]
• State-Local Sales Tax Rate (2023) (Rank): 16 [Tax Foundation]
• Property Taxes Paid as a Percentage of Owner-Occupied Housing Value (2021) (%): 0.67% [Tax Foundation]
• Property Taxes Paid as a Percentage of Owner-Occupied Housing Value (2021) (Rank): 35 [Tax Foundation]
• Tax and Expenditure Limit (0-3): 0 [American Legislative Exchange Council]
• Tax and Expenditure Limit (Rank): 32 [American Legislative Exchange Council]
• Right-to-Work Law (2022) (Y/N): N [American Legislative Exchange Council]
• State-Local Spending per Capita (2022) ($): $14,469 [US Government Spending]
• State-Local Spending per Capita (2022) (Rank): 39 [US Government Spending]
• Official Poverty Rate (2020-22) (%): 18.2 [Census Bureau]
• Official Poverty Rate (2020-22) (Rank): 50 [Census Bureau]
• Supplemental Poverty Rate (2020-22) (%): 10.2 [Census Bureau]
• Supplemental Poverty Rate (2020-22) (Rank): 39 [Census Bureau]
• Labor Force Participation Rate (Dec. 2022) (%): 56.20% [Bureau of Labor Statistics]
• Labor Force Participation Rate (Dec. 2022) (Rank): 47 [Bureau of Labor Statistics]