There is levied and shall be collected by the division an ad valorem tax on the assessed value of products which are severed and sold from each production unit at the rate certified to the division by the department of finance and administration under the provisions of Section 7-37-7 NMSA 1978. Such rate shall be levied for each month following its certification and shall be levied monthly thereafter until a new rate is certified. Every interest owner shall be liable for this tax to the extent of his interest in the value of such products, or to the extent of his interest as may be measured by the value of such products. Provided, any Indian tribe, Indian pueblo or Indian shall be liable for this tax to the extent authorized or permitted by law.
History: 1953 Comp., § 72-22-4, enacted by Laws 1959, ch. 55, § 4; 1981, ch. 37, § 58.
Law reviews. — For article, "Nonneutral Features of Energy Taxation," see 20 Nat. Resources J. 853 (1980).
Structure New Mexico Statutes
Article 32 - Oil and Gas Ad Valorem Production Tax
Section 7-32-5 - Assessed value; method of determining.
Section 7-32-6 - Value may be determined by commission; standard.
Section 7-32-8 - Products on which tax has been levied; regulation by commission.
Section 7-32-10 - Operator's report; tax remittance; additional information.
Section 7-32-11 - Purchaser's report; tax remittance; additional information.
Section 7-32-15 - Determination of assessed values for taxing districts.