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 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. 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. ANNOTATIONSThe 2005 amendment, effective July 1, 2005, in Subsection D, defined 'product' to include helium or non-hydrocarbon gas; and in Subsection J, defined 'tax' to mean the oil and gas production equipment ad valorem tax.
New Mexico Legal Code