New Mexico Statutes Chapter 7. Taxation § 7-36-25. Special method of valuation; mineral property and property used in connection with mineral property when the primary production from the mineral property is uranium

(1) improvements, equipment, materials, supplies and other personal property held or used in connection with all classes of uranium mineral property; “improvements” as used in this section includes surface and subsurface structures, but does not include pits, shafts, drifts or other similar artificial changes in the physical condition of the surface or subsurface of the earth produced solely by the removal or rearrangement of earth or minerals for the purpose of exposing or removing ore from a mine; and

(2) the surface value for agricultural or other purposes of class one productive or nonproductive uranium mineral property when the surface interest is held in the same ownership as the mineral interests.

(1) the sales price of uranium-bearing material disposed of as ore or solution, less fifty percent of that sales price as a deduction for the cost of producing and bringing the output to the surface and of transporting and selling it; or

(2) in the case of uranium-bearing material not disposed of as ore or solution but processed or beneficiated (other than by sizing and blending), regardless of the form in which the product is actually disposed of, the value of U₃O₈ contained in ore or solution determined on the basis of the U₃O₈ content of the ore or solution at fifty percent of the taxpayer's average unit sales price during the preceding calendar year of U₃O₈ contained in the concentrate form commonly known as “yellowcake” (or if the uranium concentrate has not been sold in the preceding calendar year, at fifty percent of the representative sales price for U₃O₈ contained in the concentrate form commonly known as “yellowcake” at the place and time of processing or beneficiation into that concentrate), plus fifty percent of the representative sales price of all other minerals produced and saved from such uranium-bearing material, less fifty percent of the value as a deduction for the cost of producing and bringing the output to the surface from an underground mine.