Study: Farmington's tax ranking improves
Posted at: 11/27/2012 7:57 AM
By: The Associated Press
FARMINGTON, N.M. (AP) - A study by an economic policy advocacy group concluded that Farmington's sales and property taxes haven't increased as fast as taxes in other New Mexico cities.
The Farmington Daily Times reports that the study released Monday by the Rio Grande Foundation found that Farmington went from third to fifth among the most heavily tax burdened city in the state.
The study examined sales and property tax rates from New Mexico's 10 most populated cities and compared how much each resident, on average, pays in taxes based on their per capita income. The final figure is called the tax burden.
Farmington's tax burden had dropped to 7.8 percent from 9.3 percent in 2009. The 2012 report said Albuquerque remains the most heavily tax-burdened city in the state with 10.23 percent.
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