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New Mexico

New Mexico
	Capital	Santa Fe
	Population	1,984,356
	Area	315,194
	Language	English, Spanish, Navajo,
	Currency	United States Dollar (USD)
		1.000000$ (USD) = 1.000000$ (USD)

New Mexico is known as the Land of Enchantment; a young state, it is steeped in a Spanish-American and Native American culture. Rugged desert, wide open spaces, startlingly blue skies, adobe architecture and stunning sunsets have made it a popular tourist destination.  It has also now emerged as one of the best states to live and retire in.

Its rise in popularity among retirees is well deserved. The overall tax burden on its residents is one of the lowest in the whole of the USA and among the best of the southwest states. Despite its image as an arid desert, much of the area in the north is mountainous and heavily forested.  The 340 days of sunshine a year help to make the way of life outdoors and healthy.

Real estate prices range from very affordable in rural areas and small towns to expensive in places like Santa Fe where real estate prices are 40 percent higher than the national average. Albuquerque and Santa Fe have traditionally been the most popular retirement destinations in New Mexico.

Santa Fe: is historically a Spanish town, settled in the 17th century. It still retains its adobe style architecture and is famous for its artistic community and all year round festivals of dance, music and film.  Culturally it is a mix of Latino, Native American and Spanish and the city is surrounded with historical sites including the famous Tesuque and Santa Clara Pueblos.

Property and real estate are not inexpensive in the city, so you will need capital to enjoy a comfortable lifestyle in retirement. The city does have a few active living communities worth checking out and recently retirement developments have been added. Additionally, it is well worth exploring nearby town and communities for affordable real estate. Santa Fe has excellent health services, and living nearby can be a good compromise for people on smaller budgets.

Albuquerque: Founded in 1706 by Spanish settlers along the Rio Grande River, the town has almost 300 days of sunshine per year. Albuquerque houses the University of New Mexico which is home to  a centre of scientific research. There are museums of anthropology, Indian culture, fine arts and a busy schedule of performing arts.  The spectacular Sandia Mountains, provide a stunning backdrop to the city and surrounding countryside which is full of opportunities for outdoor activities. Not quite as expensive as Santa Fe, Albuquerque also draws many retirees with its climate and recreational options. There are also a number of active retirement communities, very good health services and many nearby towns worth checking out.

Recreation and Culture

New Mexico's varied landscape and year-round reasonable temperatures make it a great place for a variety of recreational opportunities. There are over a dozen ski resorts in the state and when the snow melts, the mountains make for great hiking, fishing, mountain biking and hunting. Albuquerque is home to seven horse tracks.  It also has a very vibrant artistic community with artesan offerings from Native Indian, Spanish and Latino backgrounds. Albuquerque is home to over half a million people and so you won’t miss out on entertainment, dining and nightlife.

Taxes

New Mexico's tax burden places it in the top third of all states for overall tax burden on their residents. Among the Southwest states, it ranks as one of the best. New Mexico's state income tax is graduated from 1.7 to 5.3 percent, depending on income bracket. All income over $24,000 is taxed at the 5.3 percent level. Married couples over 65 filing jointly receive a $12,300 deduction. Sales tax varies from 5 to 6.25 percent and there are no sales tax exemptions. Property taxes range from .6 to 1.5 percent of the home's value.

New Mexico has some of the top retirement towns in the U.S.; it also has many planned retirement communities.

Active retirement communities in New Mexico include Jubilee Los Lunas, one of New Mexico's largest age-restricted developments with single family homes. RainbowVision Santa Fe and Aspen Ridge Lodge include retirement and assisted living in beautifully designed facilities that complement the native landscape. They offer rental apartments with full kitchens, a wide range of recreational activities including golf, tennis, social events, swimming, a clubhouse, a fitness center, arts and crafts and excursions. La Vida Llena is a multi-level "life care" community that focuses on assisted living and health care services.

Retirement Income Taxes: The state offers a low- and middle income exemption.  The maximum exemption is $2,500.  To qualify, the amount on line 7 of the state income tax form must be equal to or less than $36,667 (single), $27,500 (married filing separately), or $55,000 (married filing jointly.  A deduction also applies for those 65 and older if your adjusted gross income is not over $51,000 for a joint return, $28,500 for a single taxpayer, or $25,500 for a married taxpayer filing separately.

There is a property tax rebate for residents age 65 and older.  Their modified gross income cannot exceed $18,000 for the tax year and they cannot have been claimed as a dependent on another taxpayer's return. Homeowners 65 and older who earn $18,000 ($25,000 in Sandoval County) or less are eligible for a credit of up to $250 (married filing jointly) or $125 for single taxpayers.