NMSA 1978, § 7-34-2 — Definitions

As used in the Oil and Gas Production Equipment Ad Valorem Tax Act:

# A.

"department" means the taxation and revenue department, the secretary of
taxation and revenue or any employee of the department exercising authority lawfully
delegated to that employee by the secretary;

# B.

"person" means any individual, estate, trust, receiver, business trust, corporation,
firm, copartnership, cooperative, joint venture, association or other group or combination
acting as a unit;

# C.

"operator" means any person engaged in the severance of products from a
production unit;

# D.

"product" means oil, natural gas or liquid hydrocarbon, individually or any
combination thereof, carbon dioxide, helium or a non-hydrocarbon gas;

# E.

"severance" means taking any product from the soil in any manner;

# F.

"production unit" means a unit of property designated by the department from
which products of common ownership are severed;

# G.

"equipment" means wells and nonmobile equipment used at a production unit in
connection with severance, treatment or storage of production unit products;

# H.

"value" means the actual price received for products at the production unit as
established under the Oil and Gas Ad Valorem Production Tax Act [Chapter 7, Article
32 NMSA 1978];

# I.

"assessed value" means the value against which tax rates are applied; and

# J.

"tax" means the oil and gas production equipment ad valorem tax.