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 which the oil, gas or geothermal resource is produced as of January 1 of the following year.

B. This valuation does not affect the valuation of property other than producing oil, gas or geothermal resource interests.

C. Notwithstanding any other law, the basis of valuation prescribed by this section is in lieu of any other method of valuing oil, gas or geothermal resource interests and the oil, gas and geothermal resource deposits for ad valorem tax purposes.

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 which the oil, gas or geothermal resource is produced as of January 1 of the following year.

B. This valuation does not affect the valuation of property other than producing oil, gas or geothermal resource interests.

C. Notwithstanding any other law, the basis of valuation prescribed by this section is in lieu of any other method of valuing oil, gas or geothermal resource interests and the oil, gas and geothermal resource deposits for ad valorem tax purposes.