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PROPERTY TAX DEPARTMENT v. MOLYCORP, INC.

No. 11052.

555 P.2d 903 (1976)

89 N.M. 603

PROPERTY TAX DEPARTMENT of the State of New Mexico, Petitioner, v. MOLYCORP, INC., Respondent.

Supreme Court of New Mexico.

October 27, 1976.

Attorney(s) appearing for the Case

Toney Anaya, Atty. Gen., John C. Cook, Property Tax Dept., Asst. Atty. Gen., Santa Fe, for petitioner.

Campbell, Cherpelis & Pica, Lewis O. Campbell, Albuquerque, for respondent.

OPINION

EASLEY, Justice.

Molycorp, Inc. (Molycorp) protested the New Mexico Property Tax Department's (Department) 1975 valuation of certain mill equipment and machinery held or used in connection with productive mineral property. The Court of Appeals reversed the order of the director of the Department. We granted certiorari and reverse the Court of Appeals.

In 1968 Molycorp and the Department reached a compromise for that tax year as to the value...

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