If producing oil, gas and geothermal resource interests are owned by a person other than the owner of the land, they shall be listed, the valuation shall be determined and the interests shall be taxed individually as separate parcels of real estate separate from the land.
A.R.S. § 42-14106
Separate listing, assessment and taxation
Official source: Arizona State Legislature. Reproduced from public-domain Arizona statutes; confirm against the official source for the current text. Not legal advice.