The Gross Receipts Tax Rate Schedule, provided by the NM Taxation and Revenue Department, was updated on January 1, 2019 and is now current through June 30, 2019. Did you know the GRT Code is a required field on an MLS listing? This information is often used by a buyer's agent who is using the MLS data sheet to fill out an offer, or auto-fill an Instanet or DotLoop Transaction. Title companies may also need this information to properly complete GRT payment requirements.
Tax Rate Changes and MLS listings for sale
The GRT Schedule is revised twice a year by the state to reflect changes in boundaries and tax rates. When there are changes to the GRT boundaries maps it will affect listings for sale in FLEXMLS and listing agents will need to update the GRT code on their listings to reflect the correct boundary change. For the January 2019 – June 2019 GRT update there were some revisions to the Tax Rates in the Greater Albuquerque Areas but the boundaries stayed the same.
New Listings and Auto-Populate
The GRT field on an MLS listing is auto-populated by the system based on the mapped location of the property. Once mapping has been verified by the user entering the listing, the GRT Location Code will auto-populate into the property details, under [GRT Code] in the Main Fields tab. Users may still modify the information by clicking the drop-down and selecting a different code.
How do I verify the GRT code for an address manually?
- The Gross Receipts Tax Rate Schedule is provided by the NM Taxation and Revenue Department and provides a list of GRT location codes based on municipality or county. They also provide their own GRT Boundaries map.
- Or, while on a map in Flexmls, hover over ‘Overlays’ and select GRT Location Code. This provides a map of all GRT boundaries throughout the state, accessible directly in the MLS!
As a buyer’s agent, how do I use the GRT code on the listing to look up the Tax Rate?
Once you identify the GRT code on the listing you can use the existing NM GRT Tax Rate Schedule to look up the correct Tax Rate for that boundary. The screenshot below shows an example of the GRT Schedule in Bernalillo County, for Albuquerque. If the GRT code is 02-100 then the Rate would be 7.8750%.
Please contact SWMLS if you have questions about GRT map changes or need assistance with verifying the GRT code on a property.
Jeffrey Bratton is the MLS Manager at Southwest Multiple Listing Service, Inc. This New Mexico native and UNM graduate (Go Lobos) begin his real estate career at the Albuquerque Metropolitan Board of Realtors in 2006 and provides technical training and real estate support for the 3,600 REALTORS® and Appraisers in the Greater Albuquerque Area. In addition to managing the MLS system, he currently serves as a liaison for the MLS committees: SWMLS Policy Committee, SWMLS Compliance Committee, SWMLS Technology Task Force, and is also a member of the Real Estate Standards Organization (RESO) and Council of Multiple Listing Services (CMLS).