NMSA 1978 Chapter 7 — Taxation

NMSA 1978, § 7-34-2

Definitions

Official textnmonesource.comlast amended 202511 subsections

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.

Amendment history

1953 Comp., § 72-24-2, enacted by Laws 1969, ch. 119, § 2; 1977, ch. 249, § 58; 1980, ch. 97, § 8; 1986, ch. 20, § 103; 2005, ch. 130, § 10; 2025, ch. 130, § 141.

Source: official source (NMSA chapter on nmonesource.com)

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