New Mexico § 7-32-5 Assessed value; method of determining

New Mexico Statutes

§ 7-32-5 — Assessed value; method of determining

New Mexico § 7-32-5

Ch. 7Taxation

Art. 32Oil and Gas Ad Valorem Production Tax

This text of New Mexico § 7-32-5 (Assessed value; method of determining) is published on Counsel Stack Legal Research, covering New Mexico primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.M. Stat. Ann. § 7-32-5 (2026).

Text

A. The taxable value of products is an amount equal to one hundred fifty percent of the value of products after deducting:

(1)royalties paid or due the United States or the state of New Mexico;

(2)royalties paid or due any Indian tribe, Indian pueblo or Indian that is a ward of the United States; and (3) the reasonable expense of trucking any product from the production unit to the first place of market. B. The assessed value of products shall be determined by applying the uniform assessment ratio to the taxable value of products. The method prescribed by this section shall be the exclusive method for determining the assessed value of products. The tax imposed by Section 7-32-4 NMSA 1978 of the Oil and Gas Ad Valorem Production Tax Act, together with the tax imposed by Section 7-34-4 NMS

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A. The taxable value of products is an amount equal to one hundred fifty percent of the value of products after deducting: (1) royalties paid or due the United States or the state of New Mexico; (2) royalties paid or due any Indian tribe, Indian pueblo or Indian that is a ward of the United States; and (3) the reasonable expense of trucking any product from the production unit to the first place of market. B. The assessed value of products shall be determined by applying the uniform assessment ratio to the taxable value of products. The method prescribed by this section shall be the exclusive method for determining the assessed value of products. The tax imposed by Section 7-32-4 NMSA 1978 of the Oil and Gas Ad Valorem Production Tax Act, together with the tax imposed by Section 7-34-4 NMSA 1978 of the Oil and Gas Production Equipment Ad Valorem Tax Act [Chapter 7, Article 34 NMSA 1978], shall be the full and exclusive measure of ad valorem tax liability on the interests of all persons, including the operator and interest owners, in the production unit. Any other ad valorem tax on the production unit or on products severed therefrom is void.