LOS LUNAS — Beginning Jan. 1, the Los Lunas gross receipts tax rate will increase from 8.3215 percent to 8.675 percent.
“According to the taxation and revenue department, the estimated revenue generated by this increase in percentage would be $2.2 million annually,” said village administrator Greg Martin during a recent public hearing for the ordinance.
Of the total percentage, 5.125 percent is the state portion of that overall tax. The village’s portion actually becomes 1.825 percent.
Los Lunas Mayor Charles Griego said this change was something the state gave municipalities the option to do in order to regain revenue lost due to the Hold Harmless legislation being phased out.
“It’s something that we’ve avoided doing for a long time,” said Griego.
The revenue generated from the GRT will go into the general fund, which funds services like the police and fire stations, improving roads and sidewalks, the public library and museum and community development like animal control and code enforcement.
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April 18, 2024
