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10 States Where You Pay Less Taxes

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6) New Mexico

New Mexico is known for its dry heat and commonly-sighted roadrunners, but it should also be known for its low cost-of-living. The state income tax is a measly 4.9% on annual incomes over $16,000 for one person, $24,000 for joint. Also, the most interesting tax break comes for the elderly– particularly those over the age of 100, who are completely exempt from income tax. There is a sales tax on food, but not prescription drugs. The biggest tax benefit in New Mexico has to be for vehicles, which is only 3%. Gas tax is the same as Arizona– only 19 cents per gallon. The sales tax is also just over 5%, which is also very low compared to other states. It is safe to say that New Mexico has tax benefits in every area and should be on your places to check out. [adrotate group=”3″]

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