{"data":{"id":"us-nm/7-34-2","jurisdiction":"us-nm","citation":"7-34-2","heading":"Definitions.","body":"As used in the Oil and Gas Production Equipment Ad Valorem 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. \"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;\nC. \"operator\" means any person engaged in the severance of products from a production unit;\nD. \"product\" means oil, natural gas or liquid hydrocarbon, individually or any combination thereof, carbon dioxide, helium or a non-hydrocarbon gas;\nE. \"severance\" means taking any product from the soil in any manner;\nF. \"production unit\" means a unit of property designated by the department from which products of common ownership are severed;\nG. \"equipment\" means wells and nonmobile equipment used at a production unit in connection with severance, treatment or storage of production unit products;\nH. \"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];\nI. \"assessed value\" means the value against which tax rates are applied; and\nJ. \"tax\" means the oil and gas production equipment ad valorem tax.","path":["Chapter 7 - Taxation","ARTICLE 34 Oil and Gas Production Equipment Ad Valorem 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":"2f4e6c0c88920e31aad85c21fd59a0e99bb5cf997093bb09537afef1a4f5b713","source_id":"us-nm","stale":false,"prev":"us-nm/7-34-1","next":"us-nm/7-34-3"},"notice":"GroundRules: Original legal text. Not legal advice."}