An ad valorem tax is levied on the assessed value of the equipment at each production unit. The tax shall be at the rate certified to the department by the department of finance and administration under the provisions of Section 7-37-7 NMSA 1978.
§ 7-34-4 NMSA 1978
Ad valorem tax levied
Known as the Oil and Gas Production Equipment Ad Valorem Tax Act
The act spans §§ 7–7 (20 sections).
1953 Comp., § 72-24-4, enacted by Laws 1969, ch. 119, § 4; 1981, ch. 37, § 59; 2025, ch. 130, § 143.
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.