Statutes > New Mexico Statutes > Chapter 7 - Taxation. > Article 34 - Oil and Gas Production Equipment Ad Valorem Tax, 7-34-1 through 7-34-20. > Section 7-34-3 - Method of  determining assessed value.

Section 7-34-3 - Method of  determining assessed value.

7-34-3. Method of  determining assessed value.

A.     Annually the commission 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 assessed value of equipment of each production unit  shall be determined by applying the uniform assessment ratio to the taxable value of equipment of each production unit.