NMSA 1978, § 7-39-8 — Ad valorem tax levied

An ad valorem tax is levied upon the owner of each copper mineral property that is
not subject to valuation and taxation under the provisions of the Property Tax Code
[Chapter 7, Articles 35 through 38 NMSA 1978]. The amount of the tax shall be equal to
the product of the taxable value determined for each copper mineral property owned
multiplied by the rate certified to the department by the department of finance and
administration for nonresidential property under the provisions of Sections 7-37-7 and 7-
37-7.1 NMSA 1978 for the taxing jurisdictions in which the copper mineral property is
located.