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Section 7-34-4 - Ad valorem tax levied.

NM Stat § 7-34-4 (2019) (N/A)
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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 division by the department of finance and administration under the provisions of Section 7-37-7 NMSA 1978.

History: 1953 Comp., § 72-24-4, enacted by Laws 1969, ch. 119, § 4; 1981, ch. 37, § 59.

Cross references. — For meaning of "commission", see 7-34-2A NMSA 1978.

Indian right to tax oil production not preempted by congress. — Although it granted to the states the right to tax the production of oil and gas on Indian reservations, congress did not preempt similar tribal taxation. Merrion v. Jicarilla Apache Tribe, 617 F.2d 537 (10th Cir. 1980), aff'd, 455 U.S. 130, 102 S. Ct. 894, 71 L. Ed. 2d 21 (1982).

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Section 7-34-3 - Method of determining assessed value.
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Section 7-34-5 - Oil and gas production equipment ad valorem tax to be exclusive measure of ad valorem tax liability.