NMSA 1978, § 7-36-22 — 7-36-22

Mineral property; definitions and classifications for
valuation purposes.
As used in this article, "mineral property" does not include oil and gas property or
productive copper mineral property and means:

# A.

"class one productive mineral property", which means mineral lands, all mineral
reserves and interests in minerals in mineral lands and all severed mineral products
from mineral lands when the mineral lands are held under private ownership in fee and
the property is mined or operated in good faith for its mineral values with a reasonable
degree of continuity during the year preceding the tax year in which its value is
determined and to an extent in keeping with the market demand and conditions
affecting the extraction and disposition of the product;

# B.

"class one nonproductive mineral property", which means mineral lands, all
mineral reserves and interests in minerals in mineral lands and all severed mineral
products from mineral lands when the mineral lands are held under private ownership in
fee and the property is known to contain minerals in commercially workable quantities of
such a character as add present value to the land in addition to its values for other
purposes but is not operated so as to fall in the class of class one productive mineral
property;

# C.

"class two mineral property", which means the severed mineral products from
mineral lands held by possessory title under the laws of the United States; and

# D.

"class three mineral property", which means severed mineral products from
leasehold or contract mineral rights in mineral lands, the fee of which is vested in the
United States or the state.