42-14101. Definitions In this article, unless the context otherwise requires: 1. " Gas" means: (a) Natural gas, including casinghead gas. (b) All other hydrocarbons that are not defined as oil by this section. (c) Helium and other nonhydrocarbon substances of a gaseous nature. 2. " Geothermal resource" has the same meaning prescribed in section 27-651. […]
42-14102. Annual determination of valuation The department shall annually determine the valuation of all producing oil, gas and geothermal resource interests in this state in the manner prescribed by this article.
42-14103. Annual report for determining valuation; violation; classification A. On or before April 1 of each year each producer shall make and file with the department a return showing the producer’s gross production and gross yield from each of the producer’s producing properties for the immediately preceding calendar year. On request and for good cause […]
42-14104. Determining and reporting valuation A. On or before November 30 of each year the department shall transmit to the respective county assessors the valuation of the oil, gas or geothermal resource interests of each producer for each of the producer’s properties in the county as of January 1 of the valuation year. B. The […]
42-14105. Basis for valuing producing oil, gas and geothermal resource interests A. Producing oil, gas and geothermal resource interests shall be valued for tax purposes at the amount of the gross yield for the preceding calendar year. The gross yield is the valuation of the oil, gas or geothermal resource interests of the lands from […]
42-14106. Separate listing, assessment and taxation If producing oil, gas and geothermal resource interests are owned by a person other than the owner of the land, they shall be listed, the valuation shall be determined and the interests shall be taxed individually as separate parcels of real estate separate from the land.
