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What are the severance tax rates?

Severance tax rates are:

  • Potash is 2 1/2% of taxable value
  • Copper is 1/2% of taxable value
  • Timber is 1/8% of taxable value
  • Pumice, gypsum, sand, gravel, clay, fluorspar and other nonmetallic minerals are 1/8% of taxable value
  • Lead, zinc, thorium, molybdenum, manganese, rare earth and other metals are 1/8% of taxable value
  • Gold and silver are 1/5% of taxable value
  • Coals tax rate, based upon the quantity severed and saved, varies according to surface or subsurface severing, the surtax in place, and coal surtax exemptions. See Sections 7-26-6 and 26-6.2 NMSA 1978  for further information
  • Uranium is 3 1/2% of taxable value.
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