The tax levied by Section 7-34-4 NMSA 1978 shall be the full and exclusive measure of ad valorem tax liability for equipment used at a production unit. Any other ad valorem tax on equipment used at a production unit is void.
§ 7-34-5 NMSA 1978
Oil and gas production equipment ad valorem tax to be exclusive measure of ad valorem tax liability
Known as the Oil and Gas Production Equipment Ad Valorem Tax Act
The act spans §§ 7–7 (20 sections).
1953 Comp., § 72-24-5, enacted by Laws 1969, ch. 119, § 5; 1985, ch. 65, § 44; 2025, ch. 130, § 144.
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.