NEW MEXICO (KRQE) – The New Year means new taxes for people staying at short-rentals like Airbnb in New Mexico.
Officials with New Mexico Tourism said the taxes will level the playing field when it comes to hotels and short-rentals and will bring a big boost to local tourism economies.
They said the new lodgers and gross receipts taxes that start January 1 for any short-term rental properties will bring millions to the state. The taxes vary depending on where you stay in New Mexico. The lodgers taxes range from 3% to 5% while the gross receipts taxes range from about 5 percent to 8.68%.
According to a New Mexico Hospitality Association study two years ago, the taxes could raise close to seven million dollars. All money that goes back to the state for promoting tourism.
“Provide a boost in resources for marketing promotion for destinations throughout New Mexico which will help grow New Mexico’s economy through tourism throughout the state,” said Cody Johnson, the Public Information Officer with New Mexico Tourism.
Johnson said these taxes shouldn’t impact hotels this upcoming year. He said the hotel industry continues to grow and there are 39 hotel projects in the state in the final stage of planning or construction.
According to the Hospitality Association study in 2017, there were more than 4,000 short-term rental properties throughout the state.