Agricultural leases on state trust land co-exist with other types of leases such as renewable energy projects, oil and gas development, and business leases. The Agricultural Leasing Bureau manages over 3,500 leases on state trust land with 600-900 leases requiring renewals annually.

The Bureau issues leases for livestock grazing and cropland production on 8.9 million acres. Fees for grazing leases are established annually using a grazing fee formula managed by State Land Office and verified by New Mexico State University. The fee formula takes into account a variety of factors including current private grazing land lease rates by western livestock ranchers, beef cattle prices, and the cost of livestock production. The formula was implemented in 1988 to assure that fair market values are assessed for grazing.

The Agricultural Leasing Bureau staff works toward increased efficiency and effectiveness in all lease transactions including renewals, assignments, sublease applications, new lease applications, and improvement applications. The District Resource Managers play an important role in assistant lessees with their lease applications, as well as evaluating proposed improvement projects and providing recommendations to the Commissioner.