New Mexico Minimum Wage and Income Tax 2026
What it costs to pay people and earn money in New Mexico.
Minimum wage$12.00per hour
Income tax1.50% to 5.90%
State sales tax4.88%about 7.68% with local tax
Corporate tax5.90%
Minimum wage in New Mexico
The minimum wage is $12.00 an hour, $4.75 above the federal $7.25.
Full time at 40 hours, that is $480 a week or $24,960 a year. It ranks 24 of 51, higher than 26 others.
As of July 1, 2026. Source: U.S. Department of Labor.
Income tax in New Mexico
New Mexico income tax runs from 1.50% to 5.90% across 6 brackets.
The top rate ranks 17 of 51.
Single filers, as of January 1, 2026. Source: Tax Foundation.
Corporate tax in New Mexico
The top corporate income tax rate is 5.90%.
It ranks 28 of 51.
As of April 2, 2026. Source: Tax Foundation.
Sales tax in New Mexico
The state rate is 4.88%. With the average local tax, shoppers pay about 7.68%.
As of July 1, 2026. Source: Tax Foundation.