There is a newer version of the New Mexico Statutes
2014 New Mexico Statutes
Chapter 7 - Taxation
Section 34 Oil and Gas Production Equipment Ad Valorem Tax
Section 7-34-2 Definitions.
NM Stat § 7-34-2 (2014) What's This?
7-34-2. Definitions.
As used in the Oil and Gas Production Equipment Ad Valorem Tax Act:
A. "commission", "department" or "division" 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;
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.
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.
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