§ 7-34-3 NMSA 1978

Method of determining assessed value

Known as the Oil and Gas Production Equipment Ad Valorem Tax Act

The act spans §§ 7–7 (20 sections).

1953 Comp., § 72-24-3, enacted by Laws 1969, ch. 119, § 3; 1972, ch. 60, § 1; 2025, ch. 130, § 142.

A. Annually the department shall compute the value of products of each production unit for the previous calendar year.

B. The taxable value of equipment of each production unit is an amount equal to twenty-seven percent of the value of products of each production unit.

C. The assessed value of equipment of each production unit shall be determined by applying the uniform assessment ratio to the taxable value of equipment of each production unit.

Official source: NMOneSource (New Mexico Compilation Commission). Reproduced from public-domain New Mexico statutes; confirm against the official source for the current text. Not legal advice.