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.
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