reglab/statecodes huggingface dataset:
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Determination of Taxable Value of Real Property › Section 361.1175 - "Units of comparison" defined

Current through June 11,
				2024
"Units of comparison" means the components into which
				  properties may be divided for the purpose of comparing sales, such as, without
				  limitation, the sale price for property as a whole or for property per square
				  foot, front foot, cubic foot, acre, lot, dwelling unit, room, bed, seat or
				  floor-area ratio.
Added to NAC by Tax
				  Comm'n by R039-10, 8-13-2010, eff. 7-1-2012
NRS
					 360.090,
					 360.250
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Determination of Taxable Value of Real Property › Section 361.1176 - "Vacant land" defined

Current through June 11,
				2024
"Vacant land" means any land other than improved land,
				  including, without limitation:
1. Raw
				land; and
2. Land that has been
				prepared or developed for use, but on which there are not yet any improvements
				sufficient to allow the identification of or establish the current actual
				use.
Added to NAC by Tax
				  Comm'n by R039-10, 8-13-2010, eff. 7-1-2012
NRS
					 360.090,
					 360.250
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Determination of Taxable Value of Real Property › Section 361.1177 - Adoption by reference and availability of certain publications; revision of publications after adoption

Current through June 11,
				2024
1. The Commission
				hereby adopts by reference:
(a) The
Standard on Mass Appraisal of Real Property
, January 2008
				edition, as published by the International Association of Assessing Officers. A
				copy of that publication may be obtained from the International Association of
				Assessing Officers, 314 West Tenth Street, Kansas City, Missouri 64105-1616, or
				at the Internet address
http://www.iaao.org/store
, for
				the price of $10. A free copy of that publication may be obtained at the
				Internet address
http://www.iaao.org/uploads/StandardOnMassAppraisal.pdf
.
(b) The
Standard on Automated
				Valuation Models (AVMs)
, September 2003 edition, as published by the
				International Association of Assessing Officers. A copy of that publication may
				be obtained from the International Association of Assessing Officers, 314 West
				Tenth Street, Kansas City, Missouri 64105-1616, or at the Internet address
http://www.iaao.org/store
, for
				the price of $8. A free copy of that publication may be obtained at the
				Internet address
http://www.iaao.org/uploads/AVM_STANDARD.pdf
.
(c)
Property Appraisal and Assessment
				Administration
, 1990 edition, as published by the International
				Association of Assessing Officers. A copy of that publication may be obtained
				from the International Association of Assessing Officers, 314 West Tenth
				Street, Kansas City, Missouri 64105-1616, or at the Internet address
http://www.iaao.org/store
, for
				the price of $75.
(d) The
Residential Cost Handbook
, as published by Marshall &
				Swift on August 13, 2010. A copy of that publication may be obtained from
				Marshall & Swift, 911 Wilshire Boulevard, 16th Floor, Los Angeles,
				California 90017-3409, or at the Internet address
http://www.marshallswift.com/eCatalog.aspx
,
				for the price of $308.95.
(e) The
Marshall Valuation Service
, as published by Marshall &
				Swift on August 13, 2010. A copy of that publication may be obtained from
				Marshall & Swift, 911 Wilshire Boulevard, 16th Floor, Los Angeles,
				California 90017-3409, or at the Internet address
http://www.marshallswift.com/eCatalog.aspx
,
				for the price of $562.95.
(f) The
Residential Estimator
software, as published by Marshall &
				Swift on August 13, 2010. A copy of that software may be obtained from Marshall
				& Swift, 911 Wilshire Boulevard, 16th Floor, Los Angeles, California
				90017-3409, or at the Internet address
http://www.marshallswift.com/eCatalog.aspx
,
				for the price of $980.95.
(g) The
Commercial Estimator
software, as published by Marshall &
				Swift on August 13, 2010. A copy of that software may be obtained from Marshall
				& Swift, 911 Wilshire Blvd., 16th Floor, Los Angeles, California
				90017-3409, or at the Internet address
http://www.marshallswift.com/eCatalog.aspx
,
				for the price of $1,146.95.
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Determination of Taxable Value of Real Property › Section 361.1178 - Code of categories of land use

Current through June 11,
				2024
1. The Department
				shall prescribe and annually publish a code of categories of land use, which:
(a) Must include and define at least the
				following primary categories:
(1) Vacant
				land.
(2) Single-family residential
				land.
(3) Multi-residential
				land.
(4) Commercial
				land.
(5) Industrial
				land.
(6) Rural land.
(7) Utilities.
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Determination of Taxable Value of Real Property › Section 361.1179 - Land: Methods for determining full cash value

Current through June
				11, 2024
1. If
				sufficient sales of comparable properties which were vacant at the time of sale
				are available, a county assessor shall determine the full cash value of land by
				applying the sales comparison approach using:
(a) A mass appraisal technique in accordance
				with the provisions of NAC 361.11795 to 361.1188, inclusive; or
(b) A single property technique in accordance
				with the provisions of NAC 361.118 to 361.1188, inclusive.
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Determination of Taxable Value of Real Property › Section 361.11795 - Land: Sales comparison approach using mass appraisal technique

Current through June 11, 2024
A county assessor shall apply the sales comparison approach
				  using a mass appraisal technique as follows:
1. The county assessor shall stratify the
				properties being appraised into groups based upon location, zoning, use or
				other relevant characteristics. Sufficient strata must be established to ensure
				that all types of property subject to appraisal are appropriately
				represented.
2. After
				stratification pursuant to subsection 1, the county assessor shall:
(a) For each stratum:
(1) Analyze sales of comparable land;
				and
(2) Make adjustments to the
				sales prices as necessary to eliminate any nonrealty components of value and
				any differences resulting from the real property rights conveyed, financing
				terms, conditions of sale, market conditions, location, physical
				characteristics, size, zoning, use, governmental restrictions, sales
				concessions and expenditures made after sales that influence sales prices;
				and
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Determination of Taxable Value of Real Property › Section 361.118 - Land: Sales comparison approach using single property technique

Current through June 11, 2024
A county assessor shall apply the sales comparison approach
				  using a single property technique as follows:
1. The county assessor shall adjust the sales
				prices or unit values of comparable properties as necessary to eliminate
				differences between the comparable properties and the subject property that
				affect value. The adjustments:
(a) Must be
				mathematical changes made to the sales prices or unit values of the comparable
				properties to account for differences in elements of comparison between the
				comparable properties and the subject property;
(b) May be made only to the comparable
				properties, and not to the subject property; and
(c) May be made by adding or subtracting
				lump-sum dollar values, or by applying positive or negative percentage
				differentials, to the sales prices or unit values of the comparable
				properties.
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Determination of Taxable Value of Real Property › Section 361.1182 - Land: General requirements for sales comparison approach

Current
				through June 11, 2024
For the purposes of carrying out the provisions of NAC
				  361.11795 or 361.118:
1. If the
				subject property is improved land, the comparable properties must have a use
				that is consistent with that of the improved land.
2. The elements of comparison used and
				adjustments made by the county assessor must be identifiable and supported by
				verifiable market data.
3. If it is
				necessary to make an adjustment to recognize the view influence or any other
				property attribute associated with the subject property, the county assessor
				shall:
(a) Make a physical determination of
				the view influence from the land of each respective view parcel. The county
				assessor shall make the view influence determination from any area on the
				parcel that is capable of development. This would exclude legally required
				setbacks or portions of the parcel subject to applicable land use restrictions
				or applicable deed restrictions that prohibit development.
(b) Upon the written request of the owner,
				provide to the owner as soon as practicable, but not later than 15 days after
				receiving the request, current market evidence for each adjustment for the view
				influence or other property attribute. In a county whose population is 40,000
				or more, "current market evidence" as used in this paragraph means sales data
				concerning sales of improved or unimproved parcels that occurred during the
				36-month period immediately preceding July 1 of the year before the lien date,
				unless the Commission has approved the petition of the county assessor to
				consider sales that occurred before that 36-month period.
(c) Upon the written request of the owner,
				provide to the owner as soon as practicable, but not later than 15 days after
				receiving the request, a comprehensive written analysis describing any mass
				appraisal or single property technique used, written in such a manner that the
				taxpayer can determine whether the value of the parcel has been appropriately
				adjusted by the county assessor. For an appraisal made using a:
(1) Single property technique, the written
				analysis must describe each adjustment, whether attributable to view influence
				or another property attribute, and how each adjustment was made.
(2) Mass appraisal technique, the written
				analysis must describe the stratum in which the parcel was included, the
				comparable sales and any adjustments thereto used to develop a base lot or
				comparative unit value for the stratum, and any adjustments made to the base
				lot or comparative unit value to determine the value of the property.
(d) Consider whether an adjustment
				is necessary because of impairments caused by obstructions or aesthetic
				criteria, including, without limitation, tree growth, utility lines, water
				tanks or the presence of other improvements.
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Determination of Taxable Value of Real Property › Section 361.1184 - Land: Stratification for purposes of sales comparison approach

Current through June 11, 2024
1. For the purposes of carrying out the
				provisions of NAC 361.11795 or 361.118, a county assessor:
(a) Must stratify comparable properties into
				the primary categories of land use prescribed by the Department pursuant to NAC
				361.1178; and
(b) May also stratify
				those properties:
(1) Into any secondary
				categories of land use prescribed by the Department pursuant to NAC 361.1178;
				and
(2) If those properties are
				used in a similar or competitive manner, into geographic market areas.
				Geographic market areas must be initially defined by major natural, political
				or human-constructed boundaries and then further defined by areas of
				complementary land uses or neighborhoods, in which all the properties are
				similarly influenced by environmental, governmental, social and economic
				forces. Additional criteria may be considered for defining a geographic market
				area, including, without limitation, the size of the parcels or subdivisions of
				land.
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Determination of Taxable Value of Real Property › Section 361.1186 - Land: Sales data for purposes of sales comparison approach

Current
				through June 11, 2024
For the purposes of carrying out the provisions of NAC
				  361.11795 or 361.118:
1. In
				determining whether the sales price of each comparable property is
				representative of the full cash value of the subject property, the county
				assessor must acquire sufficient sales data concerning the comparable property.
				The sales data may include, without limitation:
(a) The total amount paid for the property
				and the terms of sale;
(b) The
				names and contact information of the buyer and seller;
(c) The relationship of the buyer and
				seller;
(d) The legal description,
				address and parcel identifier of the property;
(e) Information concerning the type of
				transfer that is sufficient to enable the county assessor to determine whether
				the transfer was at arm's length;
(f) The length of time the property was on
				the market;
(g) The extent of the
				interest transferred to the buyer;
(h) The nature of nonrealty items;
				and
(i) The date of the
				transfer.
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Determination of Taxable Value of Real Property › Section 361.1188 - Land: Adjustments for purposes of sales comparison approach

Current through June 11, 2024
1. For the purposes of carrying out the
				provisions of NAC 361.11795 or 361.118:
(a)
				The amount of the adjustments to comparable sales or to the base lot or
				comparative unit value must be determined using paired sales analysis,
				sales-resales analysis, regression analysis or another model calibration
				technique in accordance with the provisions of chapters 6 and 15 of
Property Appraisal and Assessment Administration
, as adopted
				by reference in NAC 361.1177.
(b)
				If multiple types of adjustments to comparable sales or to the base lot or
				comparative unit value are necessary, those adjustments must be made as
				follows:
(1) Any transactional adjustments
				must be made to the total sale price in the following sequential order:
(I) Adjustments for the real property rights
				conveyed.
(II) Adjustments for the
				financing terms.
(III) Adjustments
				for the conditions of sale, including any sales concessions.
(IV) Adjustments for expenditures made
				immediately after the purchase.
(V)
				Adjustments for market conditions.
(2) After making all the applicable
				transactional adjustments described in subparagraph (1), units of comparison
				must be calculated based upon the adjusted sale price, and then adjusted for
				differences in location and any physical, economic and other characteristics
				which affect value.
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Determination of Taxable Value of Real Property › Section 361.119 - Land: Alternate methods to sales comparison approach

Current
				through June 11, 2024
1.
				If a county assessor is not able to use the sales comparison approach for land
				pursuant to NAC 361.11795 or 361.118 because sufficient sales of comparable
				properties which were vacant at the time of sale are not available, the county
				assessor shall determine the full cash value of land through any of the
				following methods, either in combination with available land sales or as the
				sole method of valuation:
(a) Abstraction
				method;
(b) Land residual
				technique;
(c) Capitalization of
				ground rents;
(d) Cost of
				development method;
(e) Allocation
				method, if the properties are substantially similar; and
(f) Regression analysis.
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Determination of Taxable Value of Real Property › Section 361.1192 - Land: General requirements for use of alternative methods

Current
				through June 11, 2024
If a county assessor uses any of the methods described in
				  subsection 1 of NAC 361.119 to derive the value of land, the county assessor
				  must:
1. Examine and evaluate:
(a) The reliability and accuracy of the
				method used;
(b) The
				characteristics of the subject property;
(c) The sufficiency and quantity of the data
				used to derive the value;
(d) The
				reliability and accuracy of the data used and any pertinent adjustments made to
				comparable property;
(e) The
				relative validity of each comparable sale used;
(f) The number and magnitude of any
				adjustments made to comparable property or the reasons why no adjustments were
				made; and
(g) The relative
				importance of individual elements of comparison; and
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Determination of Taxable Value of Real Property › Section 361.1194 - Land: Abstraction method

Current through June 11,
				2024
When using the abstraction method, a county assessor
				  must:
1. Perform that method in
				accordance with the provisions of chapter 7 of
Property Appraisal and
				Assessment Administration
, as adopted by reference in NAC
				361.1177.
2. Apply accrued
				depreciation, in accordance with the provisions of NAC 361.1225, when
				calculating the full contributory value of the improvements to be subtracted
				from the sale price of the improved parcel to derive the residual land
				value.
3. Analyze the residual land
				values obtained in the same manner as sales of vacant land to establish
				comparative unit or base lot values.
Added to NAC by Tax
				  Comm'n by R039-10, 8-13-2010, eff. 7-1-2012
NRS
					 360.090,
					 360.250,
					 361.227
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Determination of Taxable Value of Real Property › Section 361.1196 - Land: Land residual technique

Current through June 11,
				2024
When using the land residual technique, a county assessor
				  must perform that technique in accordance with the provisions of chapter 12 of
Property Appraisal and Assessment Administration
, as adopted
				  by reference in NAC 361.1177.
Added to NAC by Tax
				  Comm'n by R039-10, 8-13-2010, eff. 7-1-2012
NRS
					 360.090,
					 360.250,
					 361.227
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Determination of Taxable Value of Real Property › Section 361.1198 - Land: Capitalization of ground rents

Current through June
				11, 2024
1. A county
				assessor may use the capitalization of ground rents to derive the value of land
				only when there is sufficient information regarding land rentals or leases
				which are independent of improvements, such as, without limitation, a rental of
				farmland or commercial land which is leased on a net basis where the lessee is
				responsible for property taxes and all other expenses.
2. When using the capitalization of ground
				rents to derive the value of land:
(a) A
				county assessor must perform that method in accordance with the provisions of
				chapter 7 of
Property Appraisal and Assessment Administration
,
				as adopted by reference in NAC 361.1177.
(b) If a lease:
(1) Has been recently negotiated or is still
				representative of current market rents, a county assessor may directly
				capitalize the net rent into an indicated land value; or
(2) Is outdated or no longer representative
				of current market rents, a county assessor must reject the lease or adjust the
				lease to current market conditions using verifiable market data.
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Determination of Taxable Value of Real Property › Section 361.1202 - Land: Cost of development method

Current through June 11,
				2024
When using the cost of development method, a county assessor
				  must:
1. Perform that method in
				accordance with the provisions of chapter 7 of
Property Appraisal and
				Assessment Administration
, as adopted by reference in NAC
				361.1177.
2. Deduct the following
				costs from an estimate of the probable proceeds to be obtained from selling the
				land as developed parcels:
(a) The direct
				costs of site preparation;
(b) The
				costs for utility hookups;
(c) Any
				other direct and indirect costs of development; and
(d) A reasonable allowance for
				entrepreneurial profit.
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Determination of Taxable Value of Real Property › Section 361.1204 - Land: Allocation method

Current through June 11,
				2024
When using the allocation method, a county assessor
				  must:
1. Estimate the logical and
				proportionate relationship of the value of land to the total value of real
				property by analyzing:
(a) Historical sales of
				vacant land and improved land in the same geographic market area as the subject
				property, without limitation as to the dates of those sales;
(b) Sales of vacant land and improved land in
				similar or competitive geographic market areas;
(c) Sales of vacant land compared to
				subsequent sales of the same or substantially similar parcels after
				improvements have been built; or
(d) Residual land values obtained using the
				abstraction method;
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Determination of Taxable Value of Real Property › Section 361.1206 - Land: Regression analysis

Current through June 11,
				2024
When using regression analysis to derive the value of land, a
				  county assessor must:
1. Base that
				analysis on the principle of contribution to value, pursuant to which the major
				characteristics of a site and any improvements must be analyzed to determine
				how much each component characteristic contributes to value.
2. Apply that analysis in accordance with the
				requirements of NAC 361.1216.
Added to NAC by Tax
				  Comm'n by R039-10, 8-13-2010, eff. 7-1-2012
NRS
					 360.090,
					 360.250,
					 361.227
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Determination of Taxable Value of Real Property › Section 361.121 - Obtaining and maintaining sufficient data regarding characteristics of property

Current through June 11,
				2024
A county assessor shall:
1. Obtain, in accordance with the provisions
				of section 3 of the
Standard on Mass Appraisal of Real
				Property
, as adopted by reference in NAC 361.1177, a sufficient amount
				of data regarding the characteristics of property to determine the appropriate
				classification and valuation of property in the county.
2. Maintain the data obtained pursuant to
				subsection 1 on electronic media.
Added to NAC by Tax
				  Comm'n by R039-10, 8-13-2010, eff. 7-1-2012
NRS
					 360.090,
					 360.250
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Determination of Taxable Value of Real Property › Section 361.1212 - Use of appropriate units of comparison

Current through June
				11, 2024
When comparing sales of properties for the purpose of
				  property valuation, a county assessor must use units of comparison which
				  conform to the basis upon which those properties are analyzed and sold in the
				  market.
Added to NAC by Tax
				  Comm'n by R039-10, 8-13-2010, eff. 7-1-2012
NRS
					 360.090,
					 360.250,
					 361.227
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Determination of Taxable Value of Real Property › Section 361.1214 - Consideration of influence of on-site and off-site enhancements

Current through June 11, 2024
Since on-site enhancements and off-site enhancements may
				  affect the uses to which a parcel of land is being or may lawfully be put, a
				  county assessor shall consider the influence of on-site enhancements and
				  off-site enhancements when determining the value of the land.
Added to NAC by Tax
				  Comm'n by R039-10, 8-13-2010, eff. 7-1-2012
NRS
					 360.090,
					 360.250,
					 361.227
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Determination of Taxable Value of Real Property › Section 361.1216 - Development of mass appraisal model to explain or predict market value from real estate data

Current through June 11,
				2024
When developing a mass appraisal model to explain or predict
				  the market value of properties from real estate data, a county assessor must
				  build and calibrate the model in accordance with the provisions of chapters 14
				  and 15 of
Property Appraisal and Assessment Administration
and
				  the provisions of the
Standard on Automated Valuation Models
				  (AVMs)
, as adopted by reference in NAC 361.1177.
Added to NAC by Tax
				  Comm'n by R039-10, 8-13-2010, eff. 7-1-2012
NRS
					 360.090,
					 360.250,
					 361.227
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Determination of Taxable Value of Real Property › Section 361.1218 - Determination of whether sufficient sales of comparable properties are available

Current through June 11,
				2024
For the purposes of carrying out the provisions of NAC
				  361.106 to 361.1315, inclusive, a county assessor must determine whether
				  sufficient sales of comparable properties are available based upon:
1. The nature and complexity of the subject
				property to which the sales are being compared;
2. The degree of homogeneity of elements of
				comparison between the subject property and the comparable
				properties;
3. Market conditions;
				and
4. The reliability of the
				information regarding each sale from which a credible conclusion may be
				obtained.
Added to NAC by Tax
				  Comm'n by R039-10, 8-13-2010, eff. 7-1-2012
NRS
					 360.090,
					 360.250,
					 361.227
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Determination of Taxable Value of Real Property › Section 361.122 - Valuation of improved land

Current through June 11,
				2024
1. If improved land
				is being put to a use that is:
(a) Consistent
				with the zoning of the land or with the general use of land in the surrounding
				area, the value of the improved land must be established by using comparable
				sales from a stratum with similar zoning and location in accordance with NAC
				361.11795 or 361.118 or, if appropriate, NAC 361.119; or
(b) Not consistent with the zoning of the
				land or with the general use of land in the surrounding area, the value of the
				improved land must be established, in accordance with NAC 361.11795 or 361.118
				or, if appropriate, NAC 361.119, by using comparable sales from a stratum that:
(1) Is most comparable to the improved
				land;
(2) Has the same or a similar
				use; and
(3) Is affected by the
				same or similar restrictions.
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Determination of Taxable Value of Real Property › Section 361.1225 - Accrued depreciation: Application; calculation

Current through
				June 11, 2024
A county assessor:
1. Shall apply accrued depreciation when
				determining:
(a) The value of improvements
				using the abstraction method pursuant to NAC 361.1194 or paragraph (d) of
				subsection 1 of NAC 361.1204; and
(b) The contributory value of improvements
				pursuant to paragraph (b) of subsection 5 of
				NRS
				361.227.
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Determination of Taxable Value of Real Property › Section 361.123 - Contaminated property: Definitions

Current through June 11,
				2024
As used in NAC 361.123 to 361.1236, inclusive, unless the
				  context otherwise requires:
1.
				"Contaminated site" means:
(a) Land on which
				the release of a hazardous substance has been verified pursuant to NAC
				361.1232; or
(b) An improvement for
				which permeation or incorporation into construction by a hazardous substance
				has been verified pursuant to NAC 361.1232, on or before the assessment date of
				the property.
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Determination of Taxable Value of Real Property › Section 361.1232 - Contaminated property: Burden of proof; documentation required

Current through June 11, 2024
1. The burden of proving that property has
				been contaminated and documenting the proof of contamination to support a
				possible reduction of the assessed value of the property lies with the owner of
				the property.
2. To verify the
				release of a hazardous substance on land or the permeation or incorporation
				into the construction of an improvement by a hazardous substance, the owner of
				the property must:
(a) Submit reliable,
				objective information, such as an engineering study, environmental audit,
				laboratory report or historical record, which proves to the satisfaction of the
				assessor that a hazardous substance has been released on the land or has
				permeated or been incorporated into the construction of an
				improvement;
(b) Show that the
				release, permeation or incorporation was reported to an appropriate
				governmental agency such as the National Response Center or the State
				Department of Conservation and Natural Resources; and
(c) Provide sufficient data to the assessor
				to indicate the status of a proposed or ongoing cleanup plan.
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Determination of Taxable Value of Real Property › Section 361.1234 - Contaminated property: Determination of full cash value

Current
				through June 11, 2024
In determining, pursuant to
				  NRS
				  361.227, the full cash value of property that
				  has been determined by the assessor to be a contaminated site:
1. The sales comparison approach may be used
				by comparing verified sales of similarly contaminated sites;
2. Where applicable, the income approach may
				be used by utilizing rent, vacancy and expense data derived from a survey of
				similarly contaminated sites with similarly used improvements; or
3. Where no sales or rental market exists for
				similarly contaminated properties:
(a) The
				value of the property for a specific use, or a specific user, reflecting the
				extent to which the property contributes to the utility or profitability of the
				enterprise of which it is a part may be determined by using the income
				approach, except that the value so determined must not exceed the full cash
				value of the property; or
(b) The
				present worth of the contaminated site may be determined by:
(1) Discounting the present worth of the
				property if it was contaminated by an off-site source or the cost-to-cure is
				not being borne by the current owner, or both, on the basis of the length of
				the delay caused by the contamination until the property can be developed to
				its highest and best use, readily sold or financed on the open market;
				or
(2) Using the present cash
				equivalency which represents the future reversionary value of the contaminated
				site after it is cleaned up to an extent that it is usable or developable to
				its highest and best use less the present worth of the yearly costs-to-cure if
				the current owner is incurring the remedial costs and an accurate forecast of
				the year-to-year costs to be incurred and the estimated date of the completion
				of the cleanup are available.
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Determination of Taxable Value of Real Property › Section 361.1236 - Contaminated property: Annual review

Current through June 11,
				2024
The assessor shall review annually the assessment of any
				  property which has been valued as a contaminated site pursuant to NAC 361.123,
				  361.1232 and 361.1234 to ensure that the remedial work, if any, is being
				  performed as scheduled and to verify the actual yearly cost-to-cure.
Added to NAC by Tax
				  Comm'n, eff. 7-16-92
NRS
					 360.090,
					 360.250,
					 361.227
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Determination of Taxable Value of Real Property › Section 361.124 - Determination of actual age of improvement or newly constructed addition to improvement

Current through June 11,
				2024
In determining the actual age of:
1. An improvement or newly constructed
				addition to an existing improvement, the county assessor shall use the actual
				year of construction, if it is available, or else an estimated year of
				construction.
2. An improvement
				that has been constructed over a period of years, the county assessor shall use
				the weighted average age of the improvement.
Tax Comm'n, Property
				  Tax Reg. part No. 2, eff. 1-14-82-NAC A 10-10-83; R031-03,
				  8-4-2004
NRS
					 360.090,
					 360.250,
					 361.227,
					 361.229
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Determination of Taxable Value of Real Property › Section 361.125 - Improvement: Initial taxable value

Current through June 11,
				2024
1. In determining
				the initial taxable value of an improvement, the rate of depreciation is set
				forth in
				NRS
				361.227.
2. If obsolescence, deterioration or wear and
				tear causes the taxable value calculated pursuant to subsection 1 to exceed the
				full cash value of the improvements, the additional depreciation and
				obsolescence may be calculated separately.
Added to NAC by Tax
				  Comm'n by R031-03, eff. 8-4-2004
NRS
					 360.090,
					 360.250,
					 361.227
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Determination of Taxable Value of Real Property › Section 361.127 - Improvement: Replacement

Current through June 11,
				2024
1. If the use or
				quality of an existing improvement is changed by a replacement, the county
				assessor shall revalue the improvement according to the new use or quality as
				of the time the replacement occurs.
2. Each county assessor who determines the
				percentage of the replacement made to an improvement:
(a) May use the "Percentage Breakdown of Base
				Cost" published in the version of the
Marshall Valuation
				Service
adopted by reference pursuant to NAC 361.1177 as of January 1
				of the year immediately preceding the lien date for the current year.
(b) Must consider the total replacements made
				to an improvement which have been accumulated since its construction or the
				last computation of replacement if one has been made.
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Determination of Taxable Value of Real Property › Section 361.128 - Improvement: Calculation of cost of replacement

Current through
				June 11, 2024
1. The
				cost of replacement of an improvement must be calculated:
(a) Without including any costs attributable
				to land enhancements; and
(b)
				Except as otherwise provided in subsections 2, 3 and 4, using:
(1) The standards and modifiers of local
				costs published in the version of the
Residential Cost
				Handbook
,
Marshall Valuation Service
,
Residential Estimator
software or
Commercial
				Estimator
software, as appropriate, adopted by reference pursuant to
				NAC 361.1177 as of January 1 of the year immediately preceding the lien date
				for the current year; or
(2) With
				the prior approval of the Executive Director, other computer programs for
				determining cost which are based on costs published by Marshall &
				Swift.
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Determination of Taxable Value of Real Property › Section 361.1285 - Common-interest communities

Current through June 11,
				2024
1. A county
				assessor shall determine the taxable value of any land and improvements which
				comprise the community units and common elements of a common-interest community
				as provided in NAC 361.106 to 361.1315, inclusive.
2. When determining the taxable value of a
				community unit, a county assessor must, in addition to any other adjustments,
				adjust the sales prices of, or the base lot or comparative unit values derived
				from, properties which are comparable to the community unit as necessary, based
				upon verifiable market data, to reflect the unique physical characteristics of
				the common-interest community and the characteristics of ownership of the
				community unit, including, without limitation:
(a) The relative location of the community
				unit within the common-interest community, including, without limitation, the
				floor level;
(b) The phase of
				development of the common-interest community within which the community unit is
				located; and
(c) The nature of and
				access to the common elements of the common-interest community, including,
				without limitation, any parking facilities and open-space areas.
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Determination of Taxable Value of Real Property › Section 361.129 - Appraisal of parcel as part of qualified subdivision

Current
				through June 11, 2024
1.
				A parcel must be appraised as provided by paragraph (b) of subsection 2 of
				NRS
				361.227 and NAC 361.1295 if:
(a) It is one of a group of 10 or more
				contiguous parcels held under common ownership;
(b) A final map, a series of final maps or
				one or more subdivision maps covering the area containing the parcel has been
				presented to the county recorder for filing in the manner provided by
				NRS
				278.360 to
				278.460,
				inclusive, or the parcel is assessable property in an improvement district
				created pursuant to chapter 271 of NRS;
(c) The owner of the parcel provides the
				county assessor with whatever information the assessor deems necessary to
				determine the taxable value of the parcel; and
(d) The county assessor determines that the
				group of parcels affected has an expected absorption period of more than 1
				year.
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Determination of Taxable Value of Real Property › Section 361.1295 - Taxable value of land within qualified subdivision

Current through
				June 11, 2024
1. In
				determining the taxable value of land within a qualified subdivision, the
				county assessor shall use, as he or she deems appropriate based upon the
				available information concerning the subdivision:
(a) The full cash value of the subdivision as
				vacant land, plus all actual costs of site preparation, including on-site
				enhancements and off-site enhancements;
(b) The selling price of any comparable
				subdivision or group of parcels, adjusting that price as appropriate to reflect
				differences between the land sold and the land being appraised; or
(c) The estimated retail selling price of all
				parcels in the subdivision which are not sold, rented or occupied, reduced by
				the percentage specified for the expected absorption period of the parcels:
Expected Absorption Period
Percentage of Reduction
(Years)
1 - 3.........................................
20
4 - 6.........................................
30
7 - 9.........................................
40
10 or more...............................
50
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Determination of Taxable Value of Real Property › Section 361.130 - Mobile or manufactured home

Current through June 11,
				2024
1. The taxable
				value of a mobile home or manufactured home which constitutes real property is
				the cost of replacement of the mobile home or manufactured home less
				depreciation and obsolescence.
2.
				In determining the taxable value of a mobile home or manufactured home which
				constitutes personal property, each county assessor shall, if the mobile home
				or manufactured home was sold as new:
(a)
				Before July 1, 1982, value it at its retail selling price when sold to the
				original owner less depreciation at 5 percent per year, to a maximum
				depreciated value of 20 percent of its original retail selling price.
(b) On or after July 1, 1982, value it at
				replacement cost, when new, less depreciation. Replacement cost when new is the
				retail selling price to the original owner adjusted by factors reflected in the
				annual
Personal Property Manual
.
Depreciation must be calculated pursuant to the schedule
				  located in the annual
Personal Property Manual
. Additional
				  depreciation and obsolescence may be calculated separately.
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Determination of Taxable Value of Real Property › Section 361.1305 - Billboards

Current through June 11, 2024
1. The taxable value of a billboard is the
				cost of replacement of the billboard less depreciation and
				obsolescence.
2. The cost of
				replacement of a billboard must be computed by multiplying the cost of
				acquisition to the current owner by the appropriate factor located in the
				annual
Personal Property Manual
. The factor that corresponds
				to the year the billboard was acquired must be used. Additional depreciation
				and obsolescence may be calculated separately.
Added to NAC by Tax
				  Comm'n, eff. 8-2-90; A by R031-03, 8-4-2004
NRS
					 360.090,
					 360.250,
					 361.227
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Determination of Taxable Value of Real Property › Section 361.131 - Taxable value exceeding full cash value

Current through June 11,
				2024
If the initially determined taxable value for any real
				  property is found to exceed the full cash value of the property, the person
				  determining taxable value shall examine the taxable value determined for the
				  land, and if the land is properly valued, he or she shall appropriately reduce
				  the taxable values determined for the improvements and, if appropriate, the
				  value of the land and any pertinent personal property.
Added to NAC by Tax
				  Comm'n, eff. 10-10-83; A by R031-03, 8-4-2004; R166-07,
				  6-17-2008
NRS
					 360.090,
					 360.250,
					 361.227
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Determination of Taxable Value of Real Property › Section 361.1315 - Adjustment in apportionment for school district

Current through June
				11, 2024
1. To determine
				if a school district is eligible to receive an adjustment in apportionment
				pursuant to subsection 2 of
				NRS
				387.1243, each county assessor shall, on or
				before March 15 of each year, submit a report to the Department on a form
				provided by the Department. The report must include the:
(a) Value of all possessory interest of
				property in the county that is subject to taxation pursuant to
				NRS
				361.157 and
				361.159;
(b) Value of such property for the current
				fiscal year;
(c) Amount of taxes
				that are due on the property; and
(d) Amount of taxes that have been paid for
				the current fiscal year.
A copy of the report must be provided to the county
				  treasurer.
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Real Property Within Common-Interest Community › Section 361.133 - Definitions

Current through June 11, 2024
As used in NAC 361.133 to 361.1336, inclusive, unless the
				  context otherwise requires, the words and terms defined in
				  NRS
				  361.233 have the meanings ascribed to them in
				  that section.
Added to NAC by Tax
				  Comm'n by R183-07, eff. 8-26-2008
NRS
					 360.090,
					 360.250,
					 361.233
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Real Property Within Common-Interest Community › Section 361.1332 - Applicability

Current through June 11, 2024
The provisions of NAC 361.133 to 361.1336, inclusive, apply
				  to the assessment and valuation of the real property within a common-interest
				  community.
Added to NAC by Tax
				  Comm'n by R183-07, eff. 8-26-2008
NRS
					 360.090,
					 360.250,
					 361.233
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Real Property Within Common-Interest Community › Section 361.1334 - Valuation of and assessment of tax on community units and common elements

Current through June 11, 2024
1. A county assessor shall:
(a) Determine the taxable value of each
				community unit of a common-interest community separately and assess the tax
				thereon to the current owner of the community unit; and
(b) Determine the taxable value of the common
				elements of a common-interest community separately and assess the tax thereon
				to the current owners of the community units of the common-interest community
				as provided in NAC 361.1336.
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Real Property Within Common-Interest Community › Section 361.1336 - Allocation of taxable value of common elements to community units

Current through June 11, 2024
1. Except as otherwise provided in subsection
				3 of NAC 361.1334, a county assessor shall include in the valuation of each
				community unit of a common interest community an amount calculated by
				multiplying the taxable value of all the common elements of the common-interest
				community by a fraction, the numerator of which is 1 and the denominator of
				which is:
(a) Except as otherwise provided in
				paragraph (b), the total number of community units in the common-interest
				community; or
(b) If the
				common-interest community is still under development, the total number of
				community units planned to be constructed in the common-interest community,
				regardless of whether each community unit has yet been identified by a separate
				assessor's parcel number.
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Determination of Taxable Value of Personal Property › Section 361.1345 - Definitions

Current through June 11, 2024
As used in NAC 361.1345 to 361.139, inclusive, unless the
				  context otherwise requires, the words and terms defined in NAC 361.1351,
				  361.1355 and 361.1361 have the meanings ascribed to them in those
				  sections.
Added to NAC by Tax
				  Comm'n by R034-03, eff. 12-4-2003
NRS
					 360.090,
					 360.250,
					 361.227
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Determination of Taxable Value of Personal Property › Section 361.1351 - "Acquisition cost" and "original cost" defined

Current through
				June 11, 2024
"Acquisition cost" or "original cost" means the actual cost
				  of property to its present owner, including, without limitation, the costs of
				  transportation and the costs of installation.
Added to NAC by Tax
				  Comm'n by R034-03, eff. 12-4-2003
NRS
					 360.090,
					 360.250,
					 361.227
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Determination of Taxable Value of Personal Property › Section 361.1355 - "Costs of installation" defined

Current through June 11,
				2024
"Costs of installation" means the costs of direct labor,
				  direct overhead and the capitalized expense of interest or imputed charges for
				  interest which are necessary to make the property operational.
Added to NAC by Tax
				  Comm'n by R034-03, eff. 12-4-2003
NRS
					 360.090,
					 360.250,
					 361.227
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Determination of Taxable Value of Personal Property › Section 361.1361 - "Personal Property Manual" defined

Current through June 11,
				2024
"Personal Property Manual"
means a manual
				  for the valuation of personal property that is published by the Department
				  annually pursuant to NAC 361.1365.
Added to NAC by Tax
				  Comm'n by R034-03, eff. 12-4-2003
NRS
					 360.090,
					 360.250,
					 361.227