Collected and spent
In fiscal year 2024, New Mexico collected $7,694.5M in taxes and spent $9,568.7M.
Collected
$7,694.5M
Fiscal year 2024 · taxes
Spent
$9,568.7M
Fiscal year 2024
Where the money comes from
Two taxes.
Income tax
5.9%
Sales tax
4.875%
Source · NM Taxation & Revenue — 2024 PIT-1 instructions + PIT rate table, New Mexico 2024 Individual Income Tax. Read on July 23, 2026.
Details
New Mexico 2024 Individual Income Tax — top marginal 5.9% (over $210,000 single; NMSA 7-2-7). Value unchanged; citation refreshed 2026-07-23Source · NM Taxation & Revenue — 2024 semiannual GRT rate schedules, New Mexico 2024 Gross Receipts Tax. Read on July 23, 2026.
Details
New Mexico 2024 Gross Receipts Tax — state rate 4.875% (NMSA 7-9-4), printed verbatim ('STATE GROSS RECEIPTS TAX RATE = 4.875%') in BOTH 2024 semiannual TRD rate schedules (Jan-Jun and Jul-Dec — held all year; the July 2023 cut from 5.000% was the last change); local add-ons stack, state portion only. Value unchanged; citation refreshed 2026-07-23Where it goes
Nine service lines.
Schools
$4,174.7M
Health and human services
$2,631.7M
Higher education
$1,212.5M
Courts
$388.0M
General government
$369.8M
Corrections
$336.0M
Other
$223.4M
Police
$159.2M
Parks and recreation
$73.4M
Bars in both tables share one scale. Hatched lines pay for past obligations, not current services.
Source · New Mexico Department of Finance and Administration, FY24 Budget in Brief. Read on September 12, 2026.
Details
New Mexico Department of Finance and Administration, FY24 Budget in Brief (General Appropriation Act Chapter 210, Laws 2023)Who decides
The Legislature makes the state's laws and passes the budget bill. The Governor can sign a bill or veto it. The Governor can also veto single items in a bill that spends money. Two-thirds of the members present in each house can pass a vetoed bill again. 42 Senators and 70 Representatives.
Governor · 1 seat
All up for election November 3, 2026Michelle Lujan Grisham
Governor
Next election
November 3, 2026
House of Representatives · 68 of 70 seats named
68 seats up for election November 3, 2026Rod Montoya
Representative, District 1
Next election
November 3, 2026
Mark Duncan
Representative, District 2
Next election
November 3, 2026
Bill Hall
Representative, District 3
Next election
November 3, 2026
Joseph Hernandez
Representative, District 4
Next election
November 3, 2026
Wonda Johnson
Representative, District 5
Next election
November 3, 2026
Martha Garcia
Representative, District 6
Next election
November 3, 2026
Tanya Moya
Representative, District 7
Next election
November 3, 2026
Brian Baca
Representative, District 8
Next election
November 3, 2026
Patty Lundstrom
Representative, District 9
Next election
November 3, 2026
Andrés Romero
Representative, District 10
Next election
November 3, 2026
Senate · 42 seats
Bill Sharer
Senator, District 1
Term end not published
Re-check by November 3, 2026
Steve Lanier
Senator, District 2
Term end not published
Re-check by November 3, 2026
Shannon Pinto
Senator, District 3
Term end not published
Re-check by November 3, 2026
George Muñoz
Senator, District 4
Term end not published
Re-check by November 3, 2026
Leo Jaramillo
Senator, District 5
Term end not published
Re-check by November 3, 2026
Bobby Gonzales
Senator, District 6
Term end not published
Re-check by November 3, 2026
Pat Woods
Senator, District 7
Term end not published
Re-check by November 3, 2026
Pete Campos
Senator, District 8
Term end not published
Re-check by November 3, 2026
Cindy Nava
Senator, District 9
Term end not published
Re-check by November 3, 2026
Katy Duhigg
Senator, District 10
Term end not published
Re-check by November 3, 2026
Source · New Mexico Secretary of State, N.M. Const. art. IV, § 22. Read on October 9, 2026.
Details
N.M. Const. art. IV, § 22 (read 2026-10-09)When decisions happen
The Legislature meets on the third Tuesday of January each year. Odd years have a 60-day session. Even years have a 30-day session for budgets and a few other items. The fiscal year runs July 1 to June 30.
Each yearThe Legislature meets each January. The state budget runs one year.
November 3, 2026Election for 69 seats
How to reach it
Source · New Mexico Secretary of State, N.M. Const. art. IV, § 5. Read on October 9, 2026.
Details
N.M. Const. art. IV, § 5 (read 2026-10-09)Also on this tax bill
Every government in New Mexico shares a bill with the state. Find one by name, or browse New Mexico.
Sources
Collected
New Mexico Department of Finance and Administration, FY24 Budget in Brief. Read on September 12, 2026.
Details
New Mexico Department of Finance and Administration, FY24 Budget in Brief (General Appropriation Act Chapter 210, Laws 2023)Spent
New Mexico Department of Finance and Administration, FY24 Budget in Brief. Read on September 12, 2026.
Details
New Mexico Department of Finance and Administration, FY24 Budget in Brief (General Appropriation Act Chapter 210, Laws 2023)Taxes
NM Taxation & Revenue — 2024 PIT-1 instructions + PIT rate table, New Mexico 2024 Individual Income Tax. Read on July 23, 2026.
Details
New Mexico 2024 Individual Income Tax — top marginal 5.9% (over $210,000 single; NMSA 7-2-7). Value unchanged; citation refreshed 2026-07-23Taxes
NM Taxation & Revenue — 2024 semiannual GRT rate schedules, New Mexico 2024 Gross Receipts Tax. Read on July 23, 2026.
Details
New Mexico 2024 Gross Receipts Tax — state rate 4.875% (NMSA 7-9-4), printed verbatim ('STATE GROSS RECEIPTS TAX RATE = 4.875%') in BOTH 2024 semiannual TRD rate schedules (Jan-Jun and Jul-Dec — held all year; the July 2023 cut from 5.000% was the last change); local add-ons stack, state portion only. Value unchanged; citation refreshed 2026-07-23Who decides
New Mexico Secretary of State, N.M. Const. art. IV, § 22. Read on October 9, 2026.
Details
N.M. Const. art. IV, § 22 (read 2026-10-09)When decisions happen
New Mexico Secretary of State, N.M. Const. art. IV, § 5. Read on October 9, 2026.
Details
N.M. Const. art. IV, § 5 (read 2026-10-09)How to reach it
Office of the Governor of New Mexico, Contact the Governor - Office of the Governor. Read on October 9, 2026.
Details
Contact the Governor - Office of the Governor (read 2026-10-09)What it does
New Mexico Department of Finance and Administration, FY24 Budget in Brief. Read on September 12, 2026.
Details
New Mexico Department of Finance and Administration, FY24 Budget in Brief (General Appropriation Act Chapter 210, Laws 2023)To act on what you have read
Who Taxes Me describes. These three tools, made by the same team, are where you can do something about it. Each opens in a new tab.
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