Locate New Mexico Tax Lawyers
In New Mexico "taxes" are monies taken from persons or corporations by the government, at a rate set by law.
The taxes that New Mexico collects pay for necessary public services like roads, firefighters, police, courts, schools, and many other benefits that come with living in a modern society.
Everyone who legally resides in New Mexico is obliged to pay their taxes. If you don't pay the taxes assessed against you, you are committing a significant criminal offense, punishable by jail time and large fines.
Sources of Tax Revenue in New Mexico
Taxes in New Mexico can be derived from a large number of different sources, and in different amounts. The most typical sources of tax revenue nationwide are Sales Tax, Income Tax, and Property Tax.
Sales Tax: Most states collect a tax on the sales of goods. In New Mexico, the sales tax is calculated as a percentage of the sale price of most (but typically not all) items. Technically, the tax is assessed against the sellers of goods. But, the vast majority of vendors pass this tax onto their customers, adding it to the marked price of a product at the point of sale.
Income Tax: Income tax is, as the name implies, a tax on income. Everybody in the U.S., including in New Mexico, has to pay the federal income tax. Most states also have their own income tax. You are further legally obliged to pay the income tax of your state, though the state income tax rates are considerably lower than the federal rate. The federal tax rate ranges from 10% to 33% of taxable income. Obviously, those with a higher income are taxed at a higher rate, for the most part.
Property Tax: In New Mexico, a property tax only applies to people who own real estate (land or houses). Typically, the state appraised (estimates the value of) every piece of real estate under its jurisdiction. It then imposes on owners an annual tax calculated as a percentage of the property's appraised value. Property tax can be paid in various ways, but many people have arrangements authorizing them to pay their property taxes in manageable monthly installments, right alongside their mortgage payments. Sometimes, the mortgage and tax can be bundled into a single payment.
How Can A New Mexico Tax Lawyer Help?
Everybody in New Mexico who receives or owns anything of value, whether it's by selling goods, working for a salary, or investing, is going to have to pay at least some taxes.
Tax Law in New Mexico can get extremely confusing. It is so complex that most tax attorneys in New Mexico practice tax law exclusively, eschewing all other practice areas. So, this specialization means that most tax lawyers are experts in their fields. It should go without saying, then, that a New Mexico tax lawyer can be invaluable if you have an issue with your taxes.
Interesting Facts About New Mexico
New Mexico is situated in the Southwestern region of the U.S. It is often considered the prime example of Southwestern life and culture in America. Before becoming part of the U.S., the New Mexico region was once part of the Imperial Viceroyalty of Spain. This is reflected in the red and gold colors of the state flag, which reference the region's Spanish origins.
New Mexico's state Constitution was approved in 1912 and authorizes the form of government in the state. The New Mexico court system is organized into different levels beginning with the Municipal Courts and ending with the Supreme Court of New Mexico. New Mexico has also instituted a one-of-a-kind "Problem-Solving Court" system, which is authorized to provide special interventions for drug offenders.
The state of New Mexico has also launched a Court Improvement Project (CIP). The CIP is aimed at improving the quality and efficiency of judiciary proceedings in New Mexico. One of the state's most famous court cases is Liebeck v. McDonald's (1994), popularly known as "The McDonald's hot coffee case". The case spawned a whole host of liability claims for fast-food chains, and was featured in a television documentary film.
Lawyers in New Mexico handle many types of cases ranging from simple legal claims to complex claims like the Liebeck case. New Mexico lawyers are skilled at providing legal advice and zealously represent clients during lawsuits. Working with a New Mexico lawyer can help make the legal process run much smoother.