{"data":{"id":"us-nm/7-32-2","jurisdiction":"us-nm","citation":"7-32-2","heading":"Definitions.","body":"As used in the Oil and Gas Ad Valorem Production Tax Act:\nA. \"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;\nB. \"production unit\" means a unit of property designated by the department from which products of common ownership are severed;\nC. \"severance\" means the taking from the soil any product in any manner whatsoever;\nD. \"value\" means the actual price received for products at the production unit, except as otherwise provided in the Oil and Gas Ad Valorem Production Tax Act;\nE. \"product\" or \"products\" means oil, including crude oil, slop oil or skim oil and condensate; natural gas; liquid hydrocarbon, including ethane, propane, isobutene, normal butane and pentanes plus, individually or any combination thereof; and non-hydrocarbon gases, including carbon dioxide and helium;\nF. \"operator\" means any person:\n(1) engaged in the severance of products from a production unit; or\n(2) owning an interest in any product at the time of severance who receives a portion or all of such product for the person's interest;\nG. \"purchaser\" means a person who is the first purchaser of a product after severance from a production unit, except as otherwise provided in the Oil and Gas Ad Valorem Production Tax Act;\nH. \"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, and the plural as well as the singular number;\nI. \"interest owner\" means a person owning an entire or fractional interest of whatsoever kind or nature in the products at the time of severance from a production unit or who has a right to a monetary payment that is determined by the value of such products;\nJ. \"assessed value\" means the value against which tax rates are applied;\nK. \"tax\" means the oil and gas ad valorem production tax; and\nL. \"volume\" means the quantity of product severed reported using:\n(1) oil, condensate and slop oil in barrels; and\n(2) natural gas, liquid hydrocarbons, helium and carbon dioxide in thousand cubic feet at a pressure base of fifteen and twenty-five thousandths pounds per square inch.","path":["Chapter 7 - Taxation","ARTICLE 32 Oil and Gas Ad Valorem Production Tax"],"source_url":"https://nmonesource.com/nmos/nmsa-unanno/en/item/18507/index.do","current_through":"2026-07-01","vintage":"","retrieved_at":"2026-09-03T15:02:19Z","sha256":"a26ab70de25bd320044271e9fa01b939079c95ec1632d620fe53f02f5ce64ab7","source_id":"us-nm","stale":false,"prev":"us-nm/7-32-1","next":"us-nm/7-32-3"},"notice":"GroundRules: Original legal text. Not legal advice."}