Generally, tangible goods like electronics, clothing, and furniture are subject to the full sales tax rate. Prescription medications also usually escape sales tax, though non-prescription items often do not.
New Mexico 2024 Sales Tax Rate Details for Tangible Goods and Economic Nexus
Economic nexus rules mean that a retailer can be required to collect and remit sales tax even without a physical store or warehouse in the state. However, certain items are specifically exempt from taxation.
This can result in a combined sales tax rate that varies significantly depending on the location of the transaction. General Merchandise Taxable Most tangible personal property sold at retail.
New Mexico 2024 Sales Tax Rate Details and Breakdown
Establishing Economic Nexus in the Digital Age Recent changes in tax law have expanded the definition of what constitutes a presence in New Mexico. Understanding the Basics of New Mexico Sales Tax The New Mexico sales tax is imposed on the retail sale of tangible personal property and specific services.
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