Retirement Communities New Mexico

Albuquerque is located in central New Mexico just about 60 miles south of Santa Fe and is New Mexico’s largest city but still manages to keep a small town charm. Because of the demand by an ever increasing population of retirees moving to the area, retirement and resort communities are popping up in and around the city. The city has a mixture of old world architecture and new architectural styles that can also be found throughout these new communities. Known as the hot air ballooning capital of the world, Albuquerque has very low humidity year round and 310 days of sunshine. There are numerous casinos, 14 golf courses and biking trails in the foothills of the Sandia Mountain. Old Town, along historic Route 66, is a great place to enjoy wine tasting or you can visit one of the 19 historical museums or, if you would like to continue your education, you can even enroll in the University of New Mexico. The Albuquerque Biological Park houses the beautiful Botanical Gardens as well as a 285,000 gallon Ocean Aquarium the Zoo and Tingley Beach where you can enjoy three large fishing lakes.



About an hour drive north of Albuquerque is Santa Fe. Real Estate prices here have soared way out of reach of most retirees but if you can afford it, Santa Fe offers a wealth of cultural activities including The Santa Fe Opera House, an outdoor amphitheater that serves as a summer oasis for internationally acclaimed operatic talents and opera enthusiasts. This town of 65,000 has 5 major ski resorts within 90 miles as well as an abundance of steams and trails where you can enjoy fishing and hiking.

Las Cruces, New Mexico’s second largest city, has been hailed by many national publications as being one of the best places in the country to retire. Here you’ll find low taxes, affordable housing, beautiful year round weather, recreational opportunities and excellent health care. You can even attend New Mexico State University where classes are available to seniors at significant discounts.

Located near Las Cruces along the banks of the Rio Grande River is the small town of Truth or Consequences. Here you’ll find some of the most beautiful mountain and desert terrain in the state, as well as the largest lake in New Mexico. It offers some of the most affordable housing that you can find anywhere in the country which has made it more and more popular among retirees.

If New Mexico is on your list of "Best Places To Retire", these are only a few of the many places where you'll find lots to do in retirement communities New Mexico. Like with any community, be sure to visit before you buy to make sure that one of the many retirement communities New Mexico is right for you.

Median Home Price: $110,788

Personal Income Tax: Yes
-- 1.7 percent on the first $5,500 of taxable income.
-- 3.2 percent on taxable income between $5,501 and $11,000.
-- 4.7 percent on taxable income between $11,001 and $16,000.
-- 5.3 percent on taxable income of $16,001 and above.

New Mexico's personal income tax uses the federal adjusted gross income as its base and the same dollar amounts as the IRS for personal exemptions, standard deductions and itemized deductions.

Sales Tax: No
There is however a 5 percent gross receipts tax that is charged to businesses. It is a combination of all rates imposed by the state, counties and municipalities. Most of the time, the business passes along the tax to the consumer, so that the gross receipts tax resembles a sales tax.

The combined gross receipts tax rate varies from 5.125 percent to 8 percent.

The is no tax on most food purchases and certain medical services.

Property Tax: Yes
Property tax rates vary substantially and depend on the type of property and its location.

Seniors age 65 or older who had total modified household income in the previous year of no more than $21,000 may be eligible for a valuation limitation. This means the current assessed value of your property cannot be raised as long as you qualify for the limitation. You must file an application each year to qualify. Other exemtions may also be available.

Inheritance and Estate Tax: No
Although there is no inheritance tax, an inheritance may be added into a taxpayer's modified gross income and taxed that way.

For More Information:
Contact the New Mexico Taxation and Revenue Department website

Use this information as a guide to determine if one of the retirement communities New Mexico is right for you.

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