New Mexico Sales Tax

[MarvBear]

Information from NADA Title & Registration Textbook 2004

 

New Mexico Sales or Use Tax Applicable to Registration

 

NO SALES TAX as such, but 3% excise tax is collected on EVERY application for title (4.5% if titling vehicle after 90 days), and on subsequent transfers. CREDIT is allowed on taxes paid in another state. Trade-in vehicle allowance is granted on dealer sales. When a customer receives more than one vehicle from a dealer for one vehicle on an even exchange, and no money exchanges hands, no tax is due if it is equal value for equal value. 5% excise tax collected on every boat title application and on subsequent transfers, NO TAX exemption granted to nonresident military personnel.

 

EXCISE TAX at the rate of 3% for vehicle (4.5% if titling the vehicle after 90 days) and 5% for vessels, paid at the time of titling and 7.5% after 90 days.