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ARTESIA — New Mexicans are being reminded that the state’s Gross Receipts Tax (GRT) rate dropped from 5.125% to 5%, effective July 1.

With the decrease, Artesia’s GRT dropped from 7.8958% to 7.7708%. Other Eddy County GRT rates include 7.5208% in Carlsbad, 6.7083% in Hope, 7.5083% in Loving, and 5.8333% in the remainder of the county.

Another one-eighth of 1% reduction to the statewide rate will take effect July 1, 2023.