There is a newer version
of
this Section
2019 New Mexico Statutes
Chapter 7 - Taxation
Article 14 - Motor Vehicle Excise Tax
Section 7-14-4 - Determination of amount of motor vehicle excise tax.
Universal Citation: NM Stat § 7-14-4 (2019)
The rate of the motor vehicle excise tax is four percent and is applied to the price paid for the vehicle. If the price paid does not represent the value of the vehicle in the condition that existed at the time it was acquired, the tax rate shall be applied to the reasonable value of the vehicle in such condition at such time. However, allowances granted for vehicle trade-ins may be deducted from the price paid or the reasonable value of the vehicle purchased.
History: 1978 Comp., § 7-14-4, enacted by Laws 1988, ch. 73, § 14; 2019, ch. 270, § 44.
ANNOTATIONSThe 2019 amendment, effective July 1, 2019, increased the motor vehicle excise tax rate; and after "motor vehicle excise tax is", deleted "three" and added "four".
Disclaimer: These codes may not be the most recent version. New Mexico may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
