Chapter 7, Chapter 7

States of America, state of New Mexico or court; refund. When an increase in the value of any product is subject to the approval of any agency of the United States of America or the state of New Mexico or any court, the increased value shall be subject to this tax. In the event t…

The tax shall not be levied more than once on the same product. Reporting of products on which the tax has been paid shall be subject to department rule. History: 1953 Comp., § 72-21-8, enacted by Laws 1959, ch. 54, § 8; 1978 Comp., § 7- 31-8, 2025, ch. 130, § 126.

department may require withholding of tax; tax withheld to be remitted to the state; operator or purchaser to be reimbursed. A. Any operator making a monetary payment to an interest owner for the interest owner's portion of the value of products from a production unit shall withh…

Chapter 7, Article 32 NMSA 1978 may be cited as the "Oil and Gas Ad Valorem Production Tax Act". History: 1953 Comp., § 72-22-1, enacted by Laws 1959, ch. 55, § 1; 1985, ch. 65, § 36.

Each operator shall, in the form and manner required by the department, file a return with the department showing the total value, volume and kind of products sold from each production unit for each calendar month. All taxes due or to be remitted by the operator shall accompany t…

Each purchaser shall, in the form and manner required by the department, file a return to the department showing the total value, volume and kind of products purchased by the purchaser from each production unit for each calendar month. All taxes due or to be remitted by the purch…

assessors and treasurers. By the last day of each month, the department shall prepare and certify a schedule to the respective counties in which production units are located. The schedules shall reflect the accounting of the preceding month and shall list each production unit and…

administration; remittance to state and county treasurers; state and county treasurers may distribute funds. A. By the last day of each month, the department shall prepare and certify a report to the secretary of finance and administration. The report shall be for the preceding m…

To determine for any purpose the total assessed value of property required to be assessed under the Oil and Gas Ad Valorem Production Tax Act for any taxing district, the assessed value of the taxing district as is reflected by the oil and gas ad valorem production tax schedules …

As used in the Oil and Gas Ad Valorem Production 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. "production u…

A. Any person required to make payment of tax pursuant to Section 7-32-10 or 7- 32-11 NMSA 1978 shall make the advance payment required by this section. B. For the purposes of this section: (1) "advance payment" means the payment required to be made by this section in addition to…

interest owner's liability to state; Indian liability. There is levied and shall be collected by the department an ad valorem tax on the assessed value of products which are severed and sold to a purchaser from each production unit at the rate certified to the department by the d…

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 department may determine the value of products severed from a production unit when: A. the operator and purchaser are affiliated persons; B. the sale and purchase of products is not an arm's length transaction; or C. products are severed and removed from a production unit and…

States of America, state of New Mexico or court; refund. When an increase in the value of any product is subject to the approval of any agency of the United States of America or the state of New Mexico or any court, the increased value shall be subject to this tax. In the event t…

The tax shall not be levied more than once on the same product. Reporting of products on which the tax has been paid shall be subject to department rule. History: 1953 Comp., § 72-22-8, enacted by Laws 1959, ch. 55, § 8; 1978 Comp., § 7- 32-8, 2025, ch. 130, § 134.

department may require withholding of tax; tax withheld to be remitted to the state; operator or purchaser to be reimbursed. A. Any operator making a monetary payment to an interest owner for the interest owner's portion of the value of products from a production unit shall withh…

Chapter 7, Article 33 NMSA 1978 may be cited as the "Natural Gas Processors Tax Act". History: 1953 Comp., § 72-23-1, enacted by Laws 1963, ch. 179, § 1; 1970, ch. 13, § 2; 1985, ch. 65, § 41.

As used in the Natural Gas Processors Tax Act: A. "average annual taxable value" means the average of the taxable value per mcf, determined pursuant to Section 7-31-5 NMSA 1978, of all natural gas produced in New Mexico for the specified calendar year as determined by the departm…

A. There is levied and shall be collected by the department a privilege tax on processors for the privilege of operating a natural gas processing plant in New Mexico. This tax may be referred to as the "natural gas processors tax". B. The tax shall be imposed on the amount of mmb…

Any person who has overpaid the tax may apply for a refund of that overpayment in accordance with the provisions of Section 7-1-26 NMSA 1978. History: 1953 Comp., § 72-23-6, enacted by Laws 1963, ch. 179, § 6; 1985, ch. 65, § 42; 1998, ch. 102, § 3.

department. The tax shall not be levied more than once on the same natural gas. Reporting of natural gas on which the tax has been paid is subject to the regulation of the department. History: 1953 Comp., § 72-23-7, enacted by Laws 1963, ch. 179, § 7; 1998, ch. 102, § 4.

A. Each processor shall submit a return monthly to the department in the form and manner required by the department showing for the month the total mmbtus of natural gas received by the processor at the inlet of the natural gas processing plant and the total mmbtus of natural gas…

Chapter 7, Article 34 NMSA 1978 may be cited as the "Oil and Gas Production Equipment Ad Valorem Tax Act". History: 1953 Comp., § 72-24-1, enacted by Laws 1969, ch. 119, § 1; 1985, ch. 65, § 43.

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. "pe…

A. Annually the department shall compute the value of products of each production unit for the previous calendar year. B. The taxable value of equipment of each production unit is an amount equal to twenty-seven percent of the value of products of each production unit. C. The ass…

An ad valorem tax is levied on the assessed value of the equipment at each production unit. The tax shall be at the rate certified to the department by the department of finance and administration under the provisions of Section 7-37-7 NMSA 1978. History: 1953 Comp., § 72-24-4, e…

exclusive measure of ad valorem tax liability. The tax levied by Section 7-34-4 NMSA 1978 shall be the full and exclusive measure of ad valorem tax liability for equipment used at a production unit. Any other ad valorem tax on equipment used at a production unit is void. History:…

Annually the department shall compute the assessed value of equipment for each production unit and extend the applicable rates against the assessed value to determine the amount of tax due. The department shall prepare a tax statement for each production unit showing the producti…

On or before December 30, the department shall deliver a tax schedule to each county in which production units are located, identifying each production unit, the taxing district in which it is located, the value, assessed value, district rates and the amount of tax paid. History:…

remittances to state and county treasurers; state and county treasurers may distribute funds. A. By the last day of each month, the department shall prepare and certify a report to the secretary of finance and administration. The report shall be for the preceding month and shall …

Articles 35 through 38 of Chapter 7 NMSA 1978 may be cited as the "Property Tax Code". History: 1953 Comp., § 72-28-1, enacted by Laws 1973, ch. 258, § 1; 1982, ch. 28, § 1.

political subdivisions of the state. The division shall provide, subject to the availability of resources within the division, assistance services to state agencies and political subdivisions in the valuation of property owned or being considered for purchase by the state or by p…

As used in the Property Tax Code: A. "abandoned real property" means real property: (1) that is part of a subdivision where the subdivision has a minimum of five thousand lots in delinquency on the department's delinquent property tax list as prepared by the appropriate county tr…

As used in the Property Tax Code, "costs" means the expenses incurred by the department in connection with collecting delinquent taxes. As applied to a particular property, "costs" may be, in the discretion of the department, either the sum of the expenses incurred specifically i…

to evaluate performance and provide technical assistance; property valuation fund created. A. The director has general supervisory authority over county assessors for the purposes of assuring implementation of and compliance with the provisions of the Property Tax Code and applic…

The department shall prepare, issue and periodically revise valuation manuals, cost and valuation schedules, bulletins and annotated digests of property tax laws and regulations in handbook form for the use of its employees, the county assessors and their employees and other pers…

A. The department shall conduct or sponsor special courses of instruction and in- service and intern training programs on the technical, legal and administrative aspects of property taxation. The department may cooperate with educational institutions and appropriate organizations…

performance of county assessor's functions. A. If the secretary finds after informal efforts to obtain compliance have failed that a county assessor is not complying with the Property Tax Code or with the regulations, orders, rulings or other administrative directives of the depa…

finance and administration's performance of county treasurer's functions. A. If the secretary of finance and administration finds that a county treasurer has failed to comply with the Property Tax Code or regulations, orders, rulings or instructions of the department or of the de…

reimbursed to department by counties for services provided by department. When any provision of the Property Tax Code requires a county to reimburse the department for the costs of services provided by the department, the director may reduce the amount required to be reimbursed t…

The provisions of this article apply to and govern the determination of value of all property subject to valuation for property taxation purposes under the Property Tax Code. History: 1953 Comp., § 72-29-1, enacted by Laws 1973, ch. 258, § 13.

A. Property has a taxable situs in the state if: (1) it is real property and is located in the state; (2) it is an interest in real property and the real property is located in the state; (3) it is personal property and is physically present in the state on the date when it is re…

general provisions. A. Property subject to valuation for property taxation purposes under this article of the Property Tax Code shall be valued by the methods required by this article of the Property Tax Code whether the determination of value is made by the department or the cou…

maintain current and correct values of property. A. County assessors shall determine values of property for property taxation purposes in accordance with the Property Tax Code and the regulations, orders, rulings and instructions of the department. Except as limited in Section 7-…

To promote uniformity and measure overall compliance by each county with the Property Tax Code and department valuation regulations, orders, rulings, instructions, schedules and other directives, the department shall prepare and publish annually comprehensive sales-ratio studies …

specialists' services furnished to county assessor by department. At the request of a county assessor, concurred in by the board of county commissioners, the director may provide a county assessor with technical assistance services in the valuation of major industrial or commerci…

classification of property for property taxation purposes; county assessor and department. A. The county assessor is responsible and has the authority for the valuation of all property subject to valuation for property taxation purposes in the county except the property specified…

A. Property subject to valuation for property taxation purposes shall be classified as either residential property or nonresidential property. B. The department by regulation, ruling, order or other directive shall provide for the implementation of a classification system and sha…

agricultural purposes. A. The value of land used primarily for agricultural purposes shall be determined on the basis of the land's capacity to produce agricultural products. Evidence of bona fide primary agricultural use of land for the tax year preceding the year for which dete…