Section 7-39-1 – Short title.
Chapter 7, Article 39 NMSA 1978 may be cited as the “Copper Production Ad Valorem Tax Act”. History: 1978 Comp., § 7-39-1, enacted by Laws 1990, ch. 125, § 8. ANNOTATIONS
Section 7-39-10 – Monthly report to department of finance and administration; remittances to state and county treasurers; state and county treasurers may distribute funds.
A. By the last day of each month, the department shall prepare and certify a report to the secretary of finance and administration. The report shall be for the preceding month and shall show the amount of copper production ad valorem tax distributed to the copper production tax fund, the amount due the state and […]
Section 7-39-2 – Definitions.
As used in the Copper Production Ad Valorem Tax Act: A. “average price” means for any mineral the average price for the appropriate period determined from published price data in the manner specified by regulation; B. “copper mineral property” means all mineral property and property held in connection with mineral property when seventy-five percent or […]
Section 7-39-3 – Application of act.
The provisions of the Copper Production Ad Valorem Tax Act apply to the valuation of all productive copper mineral property. History: 1978 Comp., § 7-39-3, enacted by Laws 1990, ch. 125, § 10. ANNOTATIONS
Section 7-39-4 – Valuation of copper mineral property.
A. The valuation for purposes of the Copper Production Ad Valorem Tax Act of copper mineral property of the following types shall be determined annually, except as provided otherwise in Subsection B, C or D of this section, as follows: (1) the value of any mine and all real property and personal property held or […]
Section 7-39-5 – Annual report of value.
Each tax year the owner of a copper mineral property shall report to the department on the forms and in the manner prescribed by the department the value, for purposes of the Copper Production Ad Valorem Tax Act, of each copper mineral property owned and the taxing jurisdictions in which each property is located. The […]
Section 7-39-6 – Notification to department of finance and administration and counties.
By August 1 of each year, the department shall prepare and send to the department of finance and administration schedules of the taxable value and taxing jurisdictions of each copper mineral property. The taxable values shown on the schedules shall be used by the department of finance and administration in setting property tax rates. A […]
Section 7-39-7 – Determination of taxable values for taxing districts.
To determine for any purpose the total taxable value of property required to be taxed under the Copper Production Ad Valorem Tax Act for any taxing jurisdiction for any year after 1990, the taxable value of copper mineral property for the taxing jurisdiction entered upon the schedules prepared under the Copper Production Ad Valorem Tax […]
Section 7-39-8 – Ad valorem tax levied.
An ad valorem tax is levied upon the owner of each copper mineral property that is not subject to valuation and taxation under the provisions of the Property Tax Code [Chapter 7, Articles 35 through 38 NMSA 1978]. The amount of the tax shall be equal to the product of the taxable value determined for […]
Section 7-39-9 – Notification of tax rate; due date.
A. On or before November 1 of each tax year the department shall notify the owner or operator of each copper mineral property, to which the Copper Production Ad Valorem Tax Act applies, of the tax rates that have been established for the taxing jurisdictions in which the copper mineral property is located, the taxable […]