§ 7-34-2 — Definitions

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.

Legislative History

1953 Comp., § 72-24-2, enacted by Laws 1969, ch. 119, § 2; 1977, ch. 249, §