reglab/statecodes huggingface dataset:
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Determination of Taxable Value of Personal Property › Section 361.1365 - Personal Property Manual : Publication; contents; approval; use

Current through June 11, 2024
1. The Department will annually publish a
Personal Property Manual
which describes the methods and
				standards that must be used for the valuation of personal property. The manual
				must include, without limitation, annually updated:
(a) Cost-index factors that must be used in
				the conversion of acquisition cost into an estimate of replacement cost
				new;
(b) Expected-life schedules
				that indicate the category of expected life for each type of property or type
				of industry in which the property is used; and
(c) Percent-good tables which indicate the
				rate of depreciation that must be applied.
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Determination of Taxable Value of Personal Property › Section 361.1371 - Procedure for determination of taxable value

Current through June
				11, 2024
1. The taxable
				value of personal property must be determined by adjusting the acquisition cost
				of the property by a cost-index factor and reducing the adjusted acquisition
				cost by an estimate of applicable depreciation. The taxable value so determined
				shall be deemed to be the indicator of value of replacement cost new less
				depreciation.
2. In determining
				taxable value, a county assessor shall use the schedules in the
Personal Property Manual
that show the cost-index factors, the
				rates of depreciation and the percent good by year. The assessor shall use the
				schedules by:
(a) Selecting the appropriate
				expected useful life of the personal property; and
(b) Selecting the appropriate cost-index
				factor, based on the year of acquisition of the property, and applying it to
				the acquisition cost of the property.
The result shall be deemed to be the replacement cost new of
				  the property.
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Determination of Taxable Value of Personal Property › Section 361.1375 - Determination of expected life, cost-index factors and depreciation

Current through June 11, 2024
1. Personal property must be categorized by
				the specific type of property that it is or by the type of industry in which it
				is used. Each category must be assigned to a schedule of expected life which is
				based on commonly available sources of information, including, without
				limitation, the life expectancy guidelines published by the Marshall and Swift
				Valuation Service and any other sources published in the
Personal
				Property Manual
.
2. The
				cost-index factors published in the
Personal Property Manual
must be determined by calculating the average change in costs over time. The
				Department shall identify the sources used to calculate the average
				change.
3. For purposes of
				calculating the amount of applicable depreciation, personal property must be
				assigned to one of the following expected lives:
(a) Three-year life;
(b) Five-year life;
(c) Seven-year life;
(d) Ten-year life;
(e) Fifteen-year life;
(f) Twenty-year life; or
(g) Thirty-year life.
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Determination of Taxable Value of Personal Property › Section 361.138 - Reported acquisition cost for leased equipment

Current through
				June 11, 2024
For leased equipment, the reported acquisition cost is the
				  cost which the user of the property would incur if the equipment were
				  purchased, less any discount customarily allowed by a seller.
Added to NAC by Tax
				  Comm'n, eff. 10-10-83; A by R034-03, 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 361.139 - Personal property acquired with real property for lump sum; use of other valuation techniques

Current through June 11,
				2024
1. In determining
				the taxable value of personal property which was acquired with real property
				for a lump sum, the assessor may refer to appropriate guides which list the
				cost of equipment to determine the value of the personal property in relation
				to the value of the real property. In addition, the assessor may estimate the
				age of the equipment by inspecting it or discussing the approximate value of
				the equipment with manufacturers, dealers or other persons in the business who
				have knowledge of the value of the equipment. The serial number, if it exists,
				may enable a manufacturer to determine the date of manufacture and the original
				cost.
2. If sufficient data is not
				otherwise available to establish acquisition cost, or if the assessor
				determines that a reported acquisition cost is not equal to the fair market
				value of the property at the time of acquisition plus any costs of
				transportation and costs of installation, the assessor may use any nationally
				recognized valuation technique to determine the acquisition cost, including,
				without limitation:
(a) Establishing the
				current cost of replacement of the property with new property by reference to
				current manufacturing costs. If the current cost of replacement is known, the
				assessor shall apply depreciation to that cost to determine the taxable
				value.
(b) Using a guide which
				lists the cost or a procedure recognized by businesses which use such equipment
				to determine the taxable value. Before such a guide or procedure may be used,
				an assessor must receive approval from the Executive Director.
(c) Using information based on current market
				data.
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Aircraft › Section 361.1401 - Definitions

Current through June 11, 2024
As used in NAC
				  361.1401 to
				  361.1438, inclusive, unless the
				  context otherwise requires, the words and terms defined in NAC
				  361.1402 to
				  361.1411, inclusive, have the
				  meanings ascribed to them in those sections.
Added to NAC by Tax Comm'n by R001-20, eff.
				  1/21/2021
NRS
				  360.090,
				  360.250,
				  361.260
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Aircraft › Section 361.1402 - "Aircraft" defined

Current through June 11,
				2024
1. "Aircraft" means
				any contrivance used or designed for the navigation of or for flight in the
				air.
2. The term includes, without
				limitation:
(a) General aircraft;
(b) Commercial aircraft;
(c) Unmanned aircraft systems and small
				unmanned aircraft systems used in conjunction with a business and weighing more
				than 0.55 pounds but less than 55 pounds, which are commonly known as drones,
				other than a small unmanned aircraft system that qualifies as recreational
				equipment not subject to taxation pursuant to paragraph (a) of subsection 4 of
				NRS
				361.069;
(d) Kit aircraft;
(e) Light-sport aircraft;
(f) Ultra-light aircraft;
(g) Hang gliders; and
(h) Hot air balloons.
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Aircraft › Section 361.1403 - "Commercial aircraft" defined

Current through June 11,
				2024
"Commercial aircraft" means a civilian aircraft operated for
				  compensation or hire and used to transport persons or property including,
				  without limitation, an aircraft used in an on-demand operation, scheduled
				  operation or supplemental operation, as those terms are defined in
				  14
				  C.F.R. §
										110.2. For the purposes of this
				  section:
1. An aircraft is not
				operated for compensation or hire if the use of the aircraft to transport
				persons or property is merely incidental to the business of the operator of the
				aircraft.
2. An aircraft is
				operated for compensation or hire if the use of the aircraft to transport
				persons or property is a major enterprise for profit.
Added to NAC by Tax Comm'n by
				  R001-20A,
				  eff. 1/21/2021
NRS
				  360.090,
				  360.250
				  and
				  361.260
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Aircraft › Section 361.1404 - "Domicile" defined

Current through June 11,
				2024
"Domicile" means:
1.
				The permanent, principal home to which a person returns or intends to return
				after an absence; or
2. The place
				where a business has its headquarters or principal place of business.
Added to NAC by Tax Comm'n by
				  R001-20A,
				  eff. 1/21/2021
NRS
				  360.090,
				  360.250
				  and
				  361.260
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Aircraft › Section 361.1405 - "General aircraft" defined

Current through June 11,
				2024
"General aircraft" means civilian aircraft that is:
1. Registered with, and has an airworthiness
				certificate issued by, the Federal Aviation Administration; and
2. Operated for a purpose other than the
				commercial transportation of passengers or property.
Added to NAC by Tax Comm'n by
				  R001-20A,
				  eff. 1/21/2021
NRS
				  360.090,
				  360.250
				  and
				  361.260
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Aircraft › Section 361.1406 - "Kit aircraft" defined

Current through June 11,
				2024
"Kit aircraft" means an aircraft:
1. Assembled by a person from a kit that is
				manufactured by a person who holds a production certification issued by the
				Federal Aviation Administration; and
2. Issued a special airworthiness certificate
				by the Federal Aviation Administration.
Added to NAC by Tax Comm'n by
				  R001-20A,
				  eff. 1/21/2021
NRS
				  360.090,
				  360.250
				  and
				  361.260
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Aircraft › Section 361.1407 - "Light-sport aircraft" defined

Current through June 11,
				2024
"Light-sport aircraft" has the meaning ascribed to it in
				  14 C.F.R. §
										1.1.
Added to NAC by Tax Comm'n by
				  R001-20A,
				  eff. 1/21/2021
NRS
				  360.090,
				  360.250
				  and
				  361.260
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Aircraft › Section 361.1408 - "Small unmanned aircraft" defined

Current through June 11,
				2024
"Small unmanned aircraft" means an unmanned aircraft weighing
				  less than 55 pounds on takeoff including all items on board or otherwise
				  attached to the aircraft.
Added to NAC by Tax Comm'n by
				  R001-20A,
				  eff. 1/21/2021
NRS
				  360.090,
				  360.250
				  and
				  361.260
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Aircraft › Section 361.1409 - "Taxable situs" defined

Current through June 11,
				2024
"Taxable situs" means contacts sufficient to confer on this
				  State the power to tax an aircraft under the United States
				  Constitution.
Added to NAC by Tax Comm'n by
				  R001-20A,
				  eff. 1/21/2021
NRS
				  360.090,
				  360.250
				  and
				  361.260
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Aircraft › Section 361.1411 - "Unmanned aircraft system" defined

Current through June 11,
				2024
"Unmanned aircraft system" means an unmanned aircraft and its
				  associated elements, including, without limitation, communication links and the
				  components that control the unmanned aircraft, that are required for the safe
				  and efficient operation of the unmanned aircraft in the national airspace
				  system.
Added to NAC by Tax Comm'n by
				  R001-20A,
				  eff. 1/21/2021
NRS
				  360.090,
				  360.250
				  and
				  361.260
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Aircraft › Section 361.1421 - Applicability

Current through June 11, 2024
1. Except as otherwise provided in subsection
				2, the provisions of NAC
				361.1401 to
				361.1438, inclusive, do not apply
				to property of an interstate or intercounty nature used directly in the
				operation of a scheduled or unscheduled air transport company that is subject
				to valuation by the Nevada Tax Commission pursuant to
				NRS
				361.320.
2. The provisions of NAC 361.1401 to
				361.1438, inclusive, apply to a fixed-wing aircraft with a weight of less than
				12,500 pounds used by an air transport company to provide transportation
				services if, pursuant to subsection 10 of
				NRS
				361.320, the air transport company elects to
				have the property of the company assessed by a county assessor.
3. As used in this section, "scheduled or
				unscheduled air transport company" means a commercial operator:
(a) Engaged in the common carriage of persons
				or property for compensation or hire;
(b) That holds a certificate from the Federal
				Aviation Administration authorizing the commercial operator to operate under
				part 121, 125 or 135 of title 14 of the Code of Federal Regulations;
(c) That uses property of an interstate or
				intercounty nature directly in its operations; and
(d) The property of which is subject to
				valuation by the Nevada Tax Commission pursuant to
				NRS
				361.320.
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Aircraft › Section 361.1424 - Exemption for aircraft qualifying as business inventory

Current
				through June 11, 2024
1.
				A person claiming that an aircraft is personal property held for sale by a
				merchant or manufacturer and is exempt from taxation pursuant to paragraph (a)
				or (b) of subsection 1 of
				NRS
				361.068, as applicable, has the burden of
				establishing to the satisfaction of the county assessor that the aircraft
				qualifies for the claimed exemption.
2. A claim that an aircraft is exempt from
				taxation pursuant to paragraph (a) or (b) of subsection 1 of
				NRS
				361.068 must be accompanied by the following
				documents as requested by the county assessor:
(a) A valid dealer's license issued by the
				Federal Aviation Administration to the owner of the aircraft;
(b) A valid seller's permit issued to the
				owner of aircraft by the Department pursuant to
				NRS
				360.5973;
(c) A valid business license issued by a
				local government in this State;
(d) Evidence of the location of the aircraft
				on an airport or airfield in this State;
(e) A flight log; or
(f) Listing or consignment agreements
				relating to the aircraft.
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Aircraft › Section 361.1426 - Contents of written statement to county assessor to determine taxable value

Current through June 11, 2024
The written statement required by
				  NRS
				  361.265 for an aircraft must include
				  information concerning the aircraft that is sufficient to enable the county
				  assessor to determine the taxable value of the aircraft. Such information may
				  include, without limitation:
1. The
				serial number, make, model and year of manufacture of the aircraft;
				and
2. Information concerning the
				engine of the aircraft and the maintenance of the aircraft, including, without
				limitation, the total flight hours logged for the aircraft after the last major
				overhaul of the engine of the aircraft.
Added to NAC by Tax Comm'n by
				  R001-20A,
				  eff. 1/21/2021
NRS
				  360.090,
				  360.250
				  and
				  361.265
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Aircraft › Section 361.1428 - Determination whether aircraft has taxable situs in this State

Current through June 11, 2024
1. Except as otherwise provided in NAC
				361.143 and
				361.1432, an aircraft has taxable
				situs in this State if the aircraft has a physical presence in this State that
				is of a permanent nature sufficient to support a determination that the
				aircraft has been conferred or afforded opportunities, benefits or protections
				by this State.
2. The determination
				of whether an aircraft has taxable situs in this State is a question of fact.
				In making such a determination, a county assessor must consider the quantity
				and nature of the physical presence of the aircraft in this State and the
				intent of the person owning or operating the aircraft in causing the aircraft
				to have a physical presence in this State
3. The circumstances under which an aircraft
				has taxable situs in this State, include, without limitation, the following
				circumstances:
(a) The aircraft is used
				habitually in this State, whether on a regular or irregular basis.
(b) The aircraft is habitually kept or
				maintained in this State or habitually stored in a hangar in this State when
				not in use.
(c) Property taxes have
				been paid with respect to the aircraft in this State.
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Aircraft › Section 361.143 - Certain aircraft owned by certain servicemembers or spouses do not acquire taxable situs in this State

Current through June 11,
				2024
1. Notwithstanding
				the provisions of NAC
				361.1428, an aircraft owned by a
				servicemember who is stationed in this State in compliance with military orders
				or the spouse of such a servicemember shall be deemed not to be located or
				present, or to have taxable situs, in this State unless the domicile or
				residence of the servicemember or his or her spouse is in this State or the
				aircraft is used in a trade or business.
2. A county assessor may request that a
				servicemember or his or her spouse provide documentation sufficient to
				demonstrate that an aircraft owned by the servicemember or his or her spouse is
				not subject to property taxes in this State pursuant to subsection 1.
3. As used in this section, "servicemember"
				means a person who is a member of:
(a) The
				active or reserve components of the uniformed services of the United States,
				including, without limitation, the Army, Navy, Air Force, Marine Corps, Space
				Force or Coast Guard of the United States who is on active duty; or
(b) The Merchant Marine, the Commissioned
				Corps of the Public Health Service or the Commissioned Corps of the National
				Oceanic and Atmospheric Administration of the United
				States.
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Aircraft › Section 361.1432 - Certain aircraft owned by certain foreign air carriers do not acquire taxable situs in this State

Current through June 11,
				2024
1. Notwithstanding
				the provisions of NAC
				361.1428, an aircraft that is
				owned by a foreign air carrier, based and registered outside of the United
				States and used exclusively in international commerce shall be deemed not to
				have taxable situs in this State.
2. As used in this section, "foreign air
				carrier" means any person, other than a citizen of the United States, who
				undertakes directly, by lease or other arrangement, to engage in air
				transportation.
Added to NAC by Tax Comm'n by
				  R001-20A,
				  eff. 1/21/2021
NRS
				  360.090,
				  360.250
				  and
				  361.260
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Aircraft › Section 361.1434 - Claim by owner that taxable value of aircraft is subject to allocation if aircraft has taxable situs in this State and another state or country

Current through June 11, 2024
1. The owner of an aircraft with taxable
				situs in this State may claim that the taxable value of the aircraft is subject
				to allocation pursuant to subsection 2 of NAC
				361.1436 if the aircraft has
				taxable situs in this State and in another state or country. The owner of the
				aircraft has the burden of proving that the aircraft has taxable situs in
				another state or country.
2. To
				make a claim pursuant to subsection 1, the owner of the aircraft must submit to
				the county assessor sufficient information to determine whether the aircraft
				has taxable situs in this State and in another state or country, including,
				without limitation:
(a) Records kept in the
				normal course of business that indicate the locations to which the aircraft has
				traveled, the length of time the aircraft remained at those locations and the
				purpose of the travel to those locations, including, without limitation,
				mileage, flight or maintenance logs or tie-down receipts;
(b) Actual tax bills or notices of appraisal
				or assessment from another jurisdiction; or
(c) Reports filed with state or federal
				governmental agencies that indicate the locations to which the aircraft has
				traveled, the length of time the aircraft remained at those locations and the
				purpose of the travel to those locations.
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Aircraft › Section 361.1436 - Assessment of aircraft with taxable situs in this State; formula for allocating if aircraft has taxable situs in this State and another state or country

Current through June 11, 2024
1. If an aircraft has taxable situs in this
				State, the aircraft must be assessed by the county assessor of the county in
				which the aircraft is present for the majority of the total amount of the
				aircraft's ground time in this State during the fiscal year for which the
				aircraft is being assessed.
2. If
				an aircraft has taxable situs in this State and in another state or country,
				the taxable value of the aircraft must be allocated to this State in an amount
				that fairly reflects the use of the aircraft in this State. The portion of the
				taxable value of the aircraft allocated to this State must equal the amount
				determined by multiplying:
(a) The taxable
				value of the aircraft; and
(b) The
				fraction obtained by dividing the number of overnights spent by the aircraft in
				this State by the total number of days in the immediately preceding fiscal
				year.
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Aircraft › Section 361.1437 - Period for which aircraft must be included on assessment roll of county

Current through June 11, 2024
An aircraft that has taxable situs in this State and is
				  included on the assessment roll of a county in this State for a fiscal year
				  must be included on the assessment role of that county for subsequent fiscal
				  years unless the taxpayer provides:
1.
				Written notice to the county assessor stating that:
(a) The aircraft no longer has taxable situs
				in this State; or
(b) The aircraft
				was present in another county for the majority of the total amount of the
				aircraft's ground time in this State during the preceding fiscal year;
				and
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Aircraft › Section 361.1438 - Certain exclusions from partial abatement of property taxes

Current through June 11, 2024
For the purposes of carrying out the provisions of
				  NRS
				  361.4722, any increase in the assessed
				  valuation of an aircraft from the immediately preceding year as a result of an
				  increase in the taxable value of the aircraft allocated to this State pursuant
				  to subsection 2 of NAC
				  361.1436 must be excluded from
				  any partial abatement provided pursuant to
				  NRS
				  361.4722.
Added to NAC by Tax Comm'n by
				  R001-20A,
				  eff. 1/21/2021
NRS
				  360.090,
				  360.250
				  and
				  361.4722
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Miscellaneous Requirements › Section 361.144 - Areas of appraisal for cycle of reappraisal

Current through
				June 11, 2024
1. Each
				county assessor shall:
(a) Establish
				geographic boundaries for areas of appraisal or establish areas by other
				classifications within which all property must be reappraised at the same time;
				and
(b) Establish not later than
				July 1 of the year immediately preceding the assessment year, the standards of
				valuation, including data on comparable sales, to be used throughout the year's
				cycle of reappraisal.
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Miscellaneous Requirements › Section 361.146 - Records of reappraisals

Current through June 11,
				2024
Whenever property is reappraised, the county assessor shall
				  indicate all the data necessary to determine the taxable value of the property,
				  the date of the field inspection, if any, and the identity of the appraiser.
				  The actual age and the depreciation of the existing improvements and any
				  additions to those improvements must be clearly indicated.
Tax Comm'n, Property
				  Tax Reg. part No. 7, eff. 1-14-82-NAC A by R031-03,
				  8-4-2004
NRS
					 360.090,
					 360.250,
					 361.260
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Miscellaneous Requirements › Section 361.150 - Report of appraisals by county assessor

Current through June 11,
				2024
Each county assessor shall file with the Department on or
				  before April 1 of each year a report which includes:
1. A statement of the appraisals accomplished
				in the previous year beginning January 1 and ending December 15, including:
(a) The total number of parcels that were
				reappraised;
(b) The total number
				of parcels with newly constructed improvements to realty, not including
				additions to existing improvements and newly subdivided parcels that were
				appraised;
(c) The total number of
				all taxable parcels in the county; and
(d) The areas of the county that were
				reappraised.
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Miscellaneous Requirements › Section 361.151 - Statement of valuation of property sold

Current through June 11,
				2024
On or before April 1 of each year, each county assessor shall
				  furnish to the Department a statement of the valuation of real property which
				  was sold in his or her county in the preceding calendar year. The statement
				  must include:
1. The date of each
				sale;
2. The parcel number or a
				description of the real property sold;
3. The sales price; and
4. The method used to verify the sales
				price.
Added to NAC by Tax
				  Comm'n, eff. 4-24-84
NRS
					 360.090,
					 360.250,
					 361.260
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Miscellaneous Requirements › Section 361.152 - Assessment lists: Contents; distribution

Current through June 11,
				2024
1. The assessment
				list for a county must include:
(a) The parcel
				number of each property;
(b) The
				name of the owner of each property;
(c) The year of the last reappraisal of each
				property at which time the taxable value of the property was determined;
				and
(d) The assessed value of the
				land, improvements and personal property, separately stated.
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Miscellaneous Requirements › Section 361.154 - Assessment roll filed with Secretary of State Board of Equalization

Current through June 11, 2024
1. The assessment roll filed with the
				Secretary of the State Board of Equalization must include:
(a) The parcel number of each
				property;
(b) The name of the owner
				of each property;
(c) A category of
				land use for each property, as prescribed by the Department pursuant to NAC
				361.1178, designating the current actual or authorized use of the
				property;
(d) The year of the last
				physical reappraisal of each property at which time the taxable value of the
				property was determined; and
(e)
				The assessed value of the land, improvements and personal property, separately
				stated.
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY COUNTY ASSESSORS › Miscellaneous Requirements › Section 361.155 - Billing of real property on unsecured roll

Current through June
				11, 2024
Any billing sent to the owner of real property assessed upon
				  the unsecured roll must include:
1.
				The total taxes due for the year;
2. The amount of the tax which is due as of
				the next date for payment if the tax is paid in quarterly installments;
				and
3. A statement advising the
				owner of such property that payment may be made in:
(a) One total payment; or
(b) One payment which includes the quarterly
				installments that are due and equal quarterly installments for the remaining
				quarters.
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY NEVADA TAX COMMISSION › General Provisions › Section 361.200 - Definitions

Current through June 11, 2024
As used in NAC 361.200 to 361.508, inclusive, unless the
				  context otherwise requires, the words and terms defined in NAC 361.202 to
				  361.406, inclusive, have the meanings ascribed to them in those
				  sections.
Supplied in
				  codification; A by Tax Comm'n, 9-30-88
NRS
					 360.090,
					 361.320
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY NEVADA TAX COMMISSION › General Provisions › Section 361.202 - "Accelerated amortization" defined

Current through June 11,
				2024
"Accelerated amortization" means the accruing of greater
				  depreciation expense for income tax purposes in the early years of the
				  property's life and less in the later years.
Tax Comm'n, Property
				  Tax Reg. part No. 15, eff. 10-30-79
NRS
					 360.090,
					 361.320
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY NEVADA TAX COMMISSION › General Provisions › Section 361.203 - "Accelerated cost recovery system" defined

Current through June 11,
				2024
"Accelerated cost recovery system" means a tax accounting
				  methodology whereby normalized accounting is used to reduce or defer taxes on
				  property and income.
Added to NAC by Tax
				  Comm'n, eff. 9-30-88
NRS
					 360.090,
					 361.320
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY NEVADA TAX COMMISSION › General Provisions › Section 361.204 - "Accelerated depreciation" defined

Current through June 11,
				2024
"Accelerated depreciation" means the accruing of greater
				  depreciation expense in the early years of a property's life and less in the
				  later years. Two methods of accelerated depreciation are the:
1. Sum of the year's digits method;
				and
2. Declining balance
				method.
Tax Comm'n, Property
				  Tax Reg. part No. 15, eff. 10-30-79
NRS
					 360.090,
					 361.320
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY NEVADA TAX COMMISSION › General Provisions › Section 361.206 - "Accrual accounting" defined

Current through June 11,
				2024
"Accrual accounting" means recording the revenues and
				  expenses based on amounts due or owing during the report period whether
				  received, paid or not.
Tax Comm'n, Property
				  Tax Reg. part No. 15, eff. 10-30-79
NRS
					 360.090,
					 361.320
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY NEVADA TAX COMMISSION › General Provisions › Section 361.208 - "Accrued depreciation" defined

Current through June 11,
				2024
"Accrued depreciation" means the amount of depreciation to
				  date; when recorded as a dollar amount it may be deductible from the total
				  plant value or investment to arrive at the rate base.
Tax Comm'n, Property
				  Tax Reg. part No. 15, eff. 10-30-79
NRS
					 360.090,
					 361.320
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY NEVADA TAX COMMISSION › General Provisions › Section 361.210 - "Advance payments for gas" defined

Current through June 11,
				2024
"Advance payments for gas" means cash payments made to
				  producers to finance exploration for gas. If any gas is discovered, the company
				  making the advance payment has the right to bid on or buy all or part of the
				  discovered gas. Repayment of the advance is taken in the form of delivered
				  gas.
Tax Comm'n, Property
				  Tax Reg. part No. 15, eff. 10-30-79
NRS
					 360.090,
					 361.320
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY NEVADA TAX COMMISSION › General Provisions › Section 361.212 - "Allocation to states" defined

Current through June 11,
				2024
"Allocation to states" means the process of assigning a
				  portion of a unit value or system statistic to a state.
Tax Comm'n, Property
				  Tax Reg. part No. 15, eff. 10-30-79
NRS
					 360.090,
					 361.320
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY NEVADA TAX COMMISSION › General Provisions › Section 361.214 - "Allowance for funds used during construction" defined

Current
				through June 11, 2024
"Allowance for funds used during construction" means the
				  process of capitalizing interest expense on funds used during the construction
				  period. As property does not generate earnings during construction, the
				  capitalized interest expense represents imputed earnings. The capitalized
				  interest becomes part of the total cost of the project.
Tax Comm'n, Property
				  Tax Reg. part No. 15, eff. 10-30-79
NRS
					 360.090,
					 361.320
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY NEVADA TAX COMMISSION › General Provisions › Section 361.216 - "Amortization" defined

Current through June 11,
				2024
"Amortization" means the orderly writing off of an investment
				  by making periodic charges against current income or the orderly retirement of
				  an obligation by making periodic payments to the creditor.
Tax Comm'n, Property
				  Tax Reg. part No. 15, eff. 10-30-79
NRS
					 360.090,
					 361.320
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY NEVADA TAX COMMISSION › General Provisions › Section 361.218 - "Annuity" defined

Current through June 11,
				2024
"Annuity" means a series of payments to be made at equal
				  intervals, annual, monthly or other. The payments themselves do not have to be
				  equal. An annuity whose payments are equal is known as a level annuity.
Tax Comm'n, Property
				  Tax Reg. part No. 15, eff. 10-30-79
NRS
					 360.090,
					 361.320
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY NEVADA TAX COMMISSION › General Provisions › Section 361.220 - "Antipollution controls" defined

Current through June 11,
				2024
"Antipollution controls" means regulations or standards set
				  up under federal and state laws to correct abuses leading to the contamination
				  of clean air and water supplies by smoke, smog, fumes, hazardous radiation and
				  other emissions including those from nuclear or other electric generating
				  plants.
Tax Comm'n, Property
				  Tax Reg. part No. 15, eff. 10-30-79
NRS
					 360.090,
					 361.320
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY NEVADA TAX COMMISSION › General Provisions › Section 361.222 - "Apportionment to intrastate jurisdiction" defined

Current through
				June 11, 2024
"Apportionment to intrastate jurisdiction" means the process
				  of assigning a portion of a state value or state statistic or company statistic
				  to geographical areas, usually tax levying districts or codes within the
				  State.
Tax Comm'n, Property
				  Tax Reg. part No. 15, eff. 10-30-79
NRS
					 360.090,
					 361.320
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY NEVADA TAX COMMISSION › General Provisions › Section 361.224 - "Assessment ratio" defined

Current through June 11,
				2024
"Assessment ratio" means the relationship of assessed value
				  to market value or to some statutory value such as actual value or true cash
				  value.
Tax Comm'n, Property
				  Tax Reg. part No. 15, eff. 10-30-79
NRS
					 360.090,
					 361.320
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY NEVADA TAX COMMISSION › General Provisions › Section 361.226 - "Band-of-investment" defined

Current through June 11,
				2024
"Band-of-investment" means a method used to compute a
				  capitalization rate in the absence of market information. The simplest form of
				  band-of-investment computation requires estimating the appropriate ratio of
				  debt to equity, the interest cost of debt and, typically the most subjective
				  element, the rate of return on equity capital. The weighted rates on debt and
				  equity are added to obtain the band-of-investment rate.
Tax Comm'n, Property
				  Tax Reg. part No. 15, eff. 10-30-79
NRS
					 360.090,
					 361.320
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY NEVADA TAX COMMISSION › General Provisions › Section 361.228 - "Bond discount" defined

Current through June 11,
				2024
"Bond discount" means an amount in dollars subtracted from
				  the face value of a bond because the market discount rate is greater than the
				  coupon rate.
Tax Comm'n, Property
				  Tax Reg. part No. 15, eff. 10-30-79
NRS
					 360.090,
					 361.320
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY NEVADA TAX COMMISSION › General Provisions › Section 361.230 - "Bond premium" defined

Current through June 11,
				2024
"Bond premium" means an amount in dollars added to the face
				  value of the bond because of issuing costs or a market discount rate less than
				  the coupon rate.
Tax Comm'n, Property
				  Tax Reg. part No. 15, eff. 10-30-79
NRS
					 360.090,
					 361.320
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY NEVADA TAX COMMISSION › General Provisions › Section 361.232 - "Bond rating" defined

Current through June 11,
				2024
"Bond rating" means a classification assigned by financial
				  reporting institutions reflecting relative standings as to risk. The
				  classification may include consideration of management, revenue prospects,
				  regulatory climate, operating costs and many other aspects of business
				  operations.
Tax Comm'n, Property
				  Tax Reg. part No. 15, eff. 10-30-79
NRS
					 360.090,
					 361.320
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY NEVADA TAX COMMISSION › General Provisions › Section 361.234 - "Book depreciation" defined

Current through June 11,
				2024
"Book depreciation" means the total accruals recorded on the
				  books of the owner of property summarizing the systematic and periodic expenses
				  charged toward amortizing the investment of limited-life property over its
				  expected life.
Tax Comm'n, Property
				  Tax Reg. part No. 15, eff. 10-30-79
NRS
					 360.090,
					 361.320
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY NEVADA TAX COMMISSION › General Provisions › Section 361.236 - "Book value," "net book" defined

Current through June 11,
				2024
"Book value" or "net book" means the cost of a property as
				  carried in the accounting records of the owner less the accrued depreciation
				  reserve for that property.
Tax Comm'n, Property
				  Tax Reg. part No. 15, eff. 10-30-79
NRS
					 360.090,
					 361.320
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY NEVADA TAX COMMISSION › General Provisions › Section 361.238 - "Capital structure" defined

Current through June 11,
				2024
"Capital structure" means the manner in which an organization
				  is financed, that is, the amount and kind of equity and debt that satisfies the
				  need for money.
Tax Comm'n, Property
				  Tax Reg. part No. 15, eff. 10-30-79
NRS
					 360.090,
					 361.320
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY NEVADA TAX COMMISSION › General Provisions › Section 361.240 - "Capitalization process" defined

Current through June 11,
				2024
"Capitalization process" means the conversion of a stream of
				  income having a certain duration into value by means of a capitalization rate
				  that recognizes the degree of risk as between the property and the income it
				  produces.
Tax Comm'n, Property
				  Tax Reg. part No. 15, eff. 10-30-79
NRS
					 360.090,
					 361.320
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY NEVADA TAX COMMISSION › General Provisions › Section 361.242 - "Capitalization rate" defined

Current through June 11,
				2024
"Capitalization rate" means a factor, used as a divisor,
				  which converts an income stream into an indicated value. If the income stream
				  is expected to be of limited duration, a recapture component may be included in
				  the capitalization rate.
Tax Comm'n, Property
				  Tax Reg. part No. 15, eff. 10-30-79
NRS
					 360.090,
					 361.320
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY NEVADA TAX COMMISSION › General Provisions › Section 361.244 - "Cash accounting" defined

Current through June 11,
				2024
"Cash accounting" means recording revenues actually received
				  and expenses actually paid during the report period. See NAC 361.206 for
				  contra.
Tax Comm'n, Property
				  Tax Reg. part No. 15, eff. 10-30-79
NRS
					 360.090,
					 361.320
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY NEVADA TAX COMMISSION › General Provisions › Section 361.246 - "Cash equivalent" defined

Current through June 11,
				2024
"Cash equivalent" means the market value of a property
				  expressed in terms of cash.
Tax Comm'n, Property
				  Tax Reg. part No. 15, eff. 10-30-79
NRS
					 360.090,
					 361.320
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY NEVADA TAX COMMISSION › General Provisions › Section 361.248 - "Cash flow," "net cash flow" or "after-tax cash flow" defined

Current through June 11, 2024
"Cash flow," "net cash flow" or "after-tax cash flow" means
				  the sum of depreciation (and depletion, if any) and net income after all
				  expenses, all taxes and interest on debt. Conversely, it is gross income minus
				  operating expenses, interest on debt, property taxes and income taxes.
Tax Comm'n, Property
				  Tax Reg. part No. 15, eff. 10-30-79
NRS
					 360.090,
					 361.320
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY NEVADA TAX COMMISSION › General Provisions › Section 361.250 - "Cash flow, before-tax" defined

Current through June 11,
				2024
"Cash flow, before-tax" means the cash flow plus income
				  taxes. When applied to "cash flow," the term "before-tax" refers only to income
				  taxes.
Tax Comm'n, Property
				  Tax Reg. part No. 15, eff. 10-30-79
NRS
					 360.090,
					 361.320
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY NEVADA TAX COMMISSION › General Provisions › Section 361.252 - "Certificate of convenience and necessity" defined

Current through
				June 11, 2024
"Certificate of convenience and necessity" means a grant of
				  authority from a state or federal regulatory commission authorizing a company
				  to render a public utility service, usually specifying the area and other
				  conditions of service.
Tax Comm'n, Property
				  Tax Reg. part No. 15, eff. 10-30-79
NRS
					 360.090,
					 361.320
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY NEVADA TAX COMMISSION › General Provisions › Section 361.254 - "Common carrier" defined

Current through June 11,
				2024
"Common carrier" means a person, corporation or entity
				  engaged in transporting persons, goods or messages for compensation over a
				  regular route, on a certain schedule or at a published rate, all of which are
				  subject usually to government regulation.
Tax Comm'n, Property
				  Tax Reg. part No. 15, eff. 10-30-79
NRS
					 360.090,
					 361.320
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY NEVADA TAX COMMISSION › General Provisions › Section 361.256 - "Compound interest and annuity tables" defined

Current through
				June 11, 2024
"Compound interest and annuity tables" means the six sets of
				  factors or coefficients that embrace the fundamentals of the mathematics of
				  finance. The various factors are here called present worth of 1, present worth
				  of 1 per annum, future worth of 1, future worth of 1 per annum, sinking fund
				  and mortgage repayment. The first type of factor, present worth of 1, is
				  derived from the formula:
1 n/(1 + r)
Where "r" is the discount (capitalization) rate and "n" is
				  the number of periods. All other factors are derived from the mathematical
				  manipulation of this formula. Other names are sometimes given to some of the
				  factors such as "reversion" for present worth of 1, "Inwood" for the present
				  worth of 1 per annum and many names for mortgage repayment.
Tax Comm'n, Property
				  Tax Reg. part No. 15, eff. 10-30-79
NRS
					 360.090,
					 361.320
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY NEVADA TAX COMMISSION › General Provisions › Section 361.258 - "Construction work in progress" defined

Current through June 11,
				2024
"Construction work in progress" means the total of the
				  balances of work orders for plant, road and equipment including expenditures on
				  research, development and demonstration projects for construction of
				  facilities.
Tax Comm'n, Property
				  Tax Reg. part No. 15, eff. 12-20-79
NRS
					 360.090,
					 361.320
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY NEVADA TAX COMMISSION › General Provisions › Section 361.260 - "Contribution in aid of construction" defined

Current through June
				11, 2024
"Contribution in aid of construction" means a plant which has
				  been contributed to a utility by a prospective customer or which has been
				  constructed by the utility and paid for by the prospective customer for which
				  no reimbursement is required to be made by the utility to the prospective
				  customer as a prerequisite to obtaining service.
Tax Comm'n, Property
				  Tax Reg. part No. 15, eff. 12-20-79
NRS
					 360.090,
					 361.320
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY NEVADA TAX COMMISSION › General Provisions › Section 361.262 - "Debt" defined

Current through June 11,
				2024
"Debt" is money owed. In the usual case, borrowed money
				  (debt) is considered to be a permanent part of the capital used in the
				  business.
Tax Comm'n, Property
				  Tax Reg. part No. 15, eff. 10-30-79
NRS
					 360.090,
					 361.320
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY NEVADA TAX COMMISSION › General Provisions › Section 361.264 - "Deferred federal income taxes" defined

Current through June 11,
				2024
"Deferred federal income taxes" means the estimated income
				  tax on the excess of net revenues, recognized for accounting purposes, over
				  that reported for tax purposes.
Tax Comm'n, Property
				  Tax Reg. part No. 15, eff. 10-30-79-NAC A 9-30-88
NRS
					 360.090,
					 361.320
Nevada Administrative Code › Chapter 361 - Property Tax › ASSESSMENTS BY NEVADA TAX COMMISSION › General Provisions › Section 361.266 - "Depreciation" defined

Current through June 11,
				2024
"Depreciation," in an appraisal sense, means the loss in
				  value of an item due to all causes. Sometimes it is meant to be physical
				  deterioration, but in a strict sense it would include functional and economic
				  obsolescence.
Tax Comm'n, Property
				  Tax Reg. part No. 15, eff. 10-30-79
NRS
					 360.090,
					 361.320