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Expert: New Mexico counties losing out on oil and gas taxes

The Associated Press
November 06, 2017 06:30 PM

SANTA FE, N.M. (AP) - An appraisal expert says local governments in New Mexico's oil and gas country are losing out on millions of dollars in revenue because drilling rigs and other equipment are missing from the tax rolls.

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Jerry Wisdom owns Total Assessment Solutions Corp., which has done work valuing energy company assets in Rio Arriba, Eddy and Lea counties. He testified recently before state lawmakers, saying equipment that should be taxed is not on the rolls.

State Sen. John Arthur Smith is a Deming Democrat who chairs the Senate Finance Committee and described it as a huge problem.

The Santa Fe New Mexican reports that the state relies on a self-reporting for oil and gas industry machinery.

Wisdom says that honor system isn't working amid record New Mexico crude oil production.

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The Associated Press

Copyright 2017 The Associated Press. All rights reserved.

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