New Mexico Administrative Code
Title 19 - NATURAL RESOURCES AND WILDLIFE
Chapter 2 - STATE TRUST LANDS PART 24 CULTURAL PROPERTIES PROTECTION
Part 8 - RELATING TO AGRICULTURAL LEASES
Section 19.2.8.11 - RENTAL
Current through Register Vol. 35, No. 18, September 24, 2024
A. In the absence of a competitive bid, the annual rental for grazing land leased under an agricultural lease shall be determined by the following formula:
Annual rental = $0.0474 (Base Value) x Carrying Capacity (CC) x Acreage x Economic Variable Index (EVI).
B. The commissioner shall determine the carrying capacity for grazing land in accordance with Section 19-7-29 NMSA 1978, which may be redetermined. A lessee seeking a reevaluation and redetermination of the carrying capacity shall submit such forms as may be prescribed by the commissioner.
C. Notwithstanding the application of the formula to determine lease rentals for grazing land, the annual rental shall not be less than the minimum rent set forth in the schedule of fees nor shall it be decreased or increased by more than thirty-three and one-third percent of the preceding year's rental for the same land.
D. The rental for cultivated land or land leased under an agricultural lease for other uses shall be determined by the commissioner.
E. In computing rental on leases issued after October 1st, the rental for a part of a month shall be the same as the rental for a full month.