CHAPTER 361 - PROPERTY TAX

NAC 361.016 “Depreciation” defined. (NRS 360.090, 360.250) “Depreciation” means, except as otherwise provided in NAC 361.266, a loss in the value of improvements or personal property from any cause. (Added to NAC by Tax Comm’n by R031-03, eff. 8-4-2004; A by R039-10, 8-13-2010, e…

NAC 361.018 “Improvement” defined. (NRS 360.090, 360.250) “Improvement” means, except as otherwise provided in NAC 361.1133, all appurtenances erected upon or affixed to the land, including, without limitation, those improvements listed in paragraphs (a) and (b) of subsection 1 o…

NAC 361.030 “Fine art for public display” defined. (NRS 360.090, 361.068, 361.186) As used in NAC 361.030 to 361.044, inclusive, unless the context otherwise requires, “fine art for public display” has the meaning ascribed to it in paragraph (b) of subsection 4 of NRS 361.068. (A…

NAC 361.032 Interpretation of terms used in NRS 361.186. (NRS 360.090, 361.068, 361.186) For the purposes of NRS 361.186, the Department shall interpret: 1. “Direct costs of owning and exhibiting the fine art” to: (a) Except as otherwise provided in paragraph (a) of subsection 5 …

NAC 361.034 Calculation of interest payments on art indebtedness. (NRS 360.090, 361.068, 361.186) 1. For a work of fine art that was acquired with a portion of the proceeds of a secured or unsecured indebtedness, the amount of the interest on the total indebtedness that the taxpa…

NAC 361.036 Apportionment of direct costs when works of art consist of more than fine art. (NRS 360.090, 361.068, 361.186) If an exhibition does not consist solely of fine art for public display owned by the taxpayer, the Department will apportion the direct costs of owning and e…

NAC 361.038 Requirements to receive credit for donations to certain museums. (NRS 360.090, 361.068, 361.186) For a taxpayer to receive a credit for a donation to a museum that provides exhibits specifically related to nature or a museum that provides exhibits specifically related…

NAC 361.040 Affidavit for claiming exemption: Form; contents. (NRS 360.090, 361.068, 361.186) The affidavit that a taxpayer who is claiming an exemption pursuant to paragraph (j) of subsection 1 of NRS 361.068 must file pursuant to paragraph (a) of subsection 3 of NRS 361.068 wit…

NAC 361.044 Provision of poster to school or parent of child who receives in-home instruction. (NRS 360.090, 361.068, 361.186) Upon receiving a request for a poster pursuant to paragraph (b) of subsection 3 of NRS 361.068, the taxpayer shall select which poster to provide to the …

NAC 361.046 Examples of facilities, devices to which exemption does not apply. (NRS 360.090, 361.077) Examples of facilities and devices to which the exemption from taxation provided by NRS 361.077 does not apply are: 1. A mining operation or the generating facility of an electri…

NAC 361.048 Application of exemption to additions, modifications of operational devices. (NRS 360.090, 361.077) If an addition is made to or a modification is made in a device whose primary purpose is operational, but the addition or modification is a “facility, device or method …

NAC 361.050 Affidavits, reports, records required to claim exemption. (NRS 360.090, 361.077) 1. An affidavit on a form approved by the Department for claiming an exemption pursuant to NRS 361.077 must be supplied annually to the county assessor of the county in which the property…

NAC 361.052 Determination of value added by qualified system. (NRS 360.090, 360.250, 361.079) 1. For the purpose of NRS 361.079, a county assessor may consider value added by a qualified system as the difference between the cost of the building with the qualified system and the c…

NAC 361.054 Form for requesting valuation. (NRS 360.090, 360.250, 361.079) A county assessor may provide an appropriate form for the owner of a building to request the valuation of a qualified system. If an owner does not complete such a form, the owner may not be precluded from …

NAC 361.056 Documentation to determine conformity to standards. (NRS 360.090, 360.250, 361.079) A county assessor, a county board of equalization or the State Board of Equalization may require documentation from the owner of a building who has requested the valuation of a qualifi…

NAC 361.058 List of buildings with qualified systems. (NRS 360.090, 361.079) On or before April 1 of each year, each county assessor shall submit to the Department for the preceding year a written list of the buildings in his or her county which have qualified systems. (Added to …

NAC 361.065 Tangible personal property purchased by and consumed during operation of business. (NRS 360.090, 361.068) 1. All tangible personal property which is purchased by a business and which is claimed to be exempt pursuant to paragraph (d) of subsection 1 of NRS 361.068 must…

NAC 361.070 Certain property leased or rented to Nevada System of Higher Education. (NRS 360.090, 361.099) 1. Application for an exemption pursuant to NRS 361.099 must be made to the county assessor by June 15 of each year. 2. The application must include a copy of the rental agr…

NAC 361.080 Privately owned park: “Park” interpreted; requirement for exemption. (NRS 360.090, 361.0605) 1. As used in NRS 361.0605, the Department shall interpret “park” to mean a detached tract of privately owned real property that is set apart and maintained for public use, ge…

NAC 361.085 “Portable goods and storage sheds and other household equipment” interpreted. (NRS 360.090, 361.069) As used in subparagraph (8) of paragraph (a) of subsection 4 of NRS 361.069, the Department shall interpret “portable goods and storage sheds and other household equip…

NAC 361.089 Portions of qualified low-income housing projects. (NRS 360.090, 361.082) 1. An owner of property who wishes to qualify the property for exempt status pursuant to NRS 361.082 must apply to the county assessor for the exemption not later than June 15 of each year. The …

NAC 361.106 Definitions. (NRS 360.090, 360.250) As used in NAC 361.106 to 361.1315, inclusive, unless the context otherwise requires, the words and terms defined in NAC 361.107 to 361.1176, inclusive, have the meanings ascribed to them in those sections. (Supplied in codification…

NAC 361.107 “Abstraction method” defined. (NRS 360.090, 360.250) “Abstraction method” means a method of estimating the value of land by subtracting from the sales prices of improved parcels the full contributory value of all items attributable to the value of the improvements, th…

NAC 361.1073 “Accrued depreciation” defined. (NRS 360.090, 360.250) “Accrued depreciation” means the amount of loss in the value of an improvement relative to its replacement cost, reproduction cost or original cost as a result of physical deterioration, functional obsolescence o…

NAC 361.1075 “Adjustment” defined. (NRS 360.090, 360.250) “Adjustment” means a modification of the reported value of a variable, such as sale price or gross income, using a model calibration technique for the purpose of estimating the full cash value of property. (Added to NAC by…

NAC 361.109 “Allocation method” defined. (NRS 360.090, 360.250) “Allocation method” means a method used to value land, in the absence of a sufficient number of sales of vacant land, by estimating a typical ratio of land to total value and applying that ratio to comparable improve…

NAC 361.1095 “Base lot method” defined. (NRS 360.090, 360.250) “Base lot method” means a method of appraising land pursuant to which: 1. The parcel or other area of land being appraised is compared to a base lot consisting of a parcel or hypothetical area of land having common or…

NAC 361.111 “Capitalization of ground rents” defined. (NRS 360.090, 360.250) “Capitalization of ground rents” means the estimation of the value of land in the absence of comparable sales by capitalizing the revenue from market-rate leases of land. (Added to NAC by Tax Comm’n by R…

NAC 361.1113 “Comparative unit method” defined. (NRS 360.090, 360.250) “Comparative unit method” means a method of appraising land pursuant to which an average or typical value is estimated for each stratum of land, using square feet, front feet, acres, buildable units or other s…

NAC 361.1115 “Cost of development method” defined. (NRS 360.090, 360.250) “Cost of development method” means a method used to estimate the value of undeveloped land in which direct and indirect costs and entrepreneurial profit are deducted from an estimate of the probable proceed…

NAC 361.1117 “Cost of replacement” defined. (NRS 360.090, 360.250) “Cost of replacement” means the total cost of construction required to replace an improvement with a substitute of like or equal utility using current standards of materials and design, including the cost of any p…

NAC 361.1125 “Expected absorption period” defined. (NRS 360.090, 360.250) “Expected absorption period” means the length of time within which all the parcels in a qualified subdivision may reasonably be expected to be sold, rented or occupied if they are actively marketed. The per…

NAC 361.1127 “Fixture” defined. (NRS 360.090, 360.250) “Fixture” means an item, other than a trade fixture, that was originally personal property which has been installed or attached to land or an improvement in a permanent manner. As used in this section, “installed or attached …

NAC 361.113 “Improved land” defined. (NRS 360.090, 360.250) “Improved land” means land on which there are any improvements sufficient to allow the identification of or establish the current actual use. [Tax Comm’n, Property Tax Reg. part No. 2, eff. 5-27-82]—(NAC A by R031-03, 8-…

NAC 361.1133 “Improvement” defined. (NRS 360.090, 360.250) “Improvement” means any building, fixture or other structure erected upon or affixed to the land, including, without limitation, any of those improvements listed in paragraphs (a) and (b) of subsection 1 of NRS 361.035. T…

NAC 361.1141 “Land” defined. (NRS 360.090, 360.250) “Land” means that portion of real property which includes: 1. The surface of the earth, together with the air space above that surface and everything under that surface to the apex at the center of the earth; 2. Any natural reso…

NAC 361.1145 “Land enhancements” defined. (NRS 360.090, 360.250) “Land enhancements” means: 1. Physical modifications of the land whose contribution to the value of the land is not subject to wear and tear or to exhaustion, such as, without limitation, excavation and other earthw…

NAC 361.115 “Land residual technique” defined. (NRS 360.090, 360.250) “Land residual technique” means a method used to estimate the value of land from a knowledge of normal net income, the discount rate, the remaining economic life of the property and the full contributory value …

NAC 361.1155 “Mass appraisal technique” defined. (NRS 360.090, 360.250) “Mass appraisal technique” means a procedure for the valuation of a group of properties as of a given date using either a base lot method or comparative unit method. (Added to NAC by Tax Comm’n by R166-07, ef…

NAC 361.116 “Obsolescence” defined. (NRS 360.090, 360.250) “Obsolescence” means an impairment to property resulting in the full cash value of the property being less than its taxable value as otherwise computed. [Tax Comm’n, Property Tax Reg. part No. 2, eff. 1-14-82]

NAC 361.1163 “Off-site enhancements” defined. (NRS 360.090, 360.250) “Off-site enhancements” means improvements and land enhancements outside the boundaries of the subject property which facilitate the development of the property for any use, including, without limitation, such i…

NAC 361.1165 “On-site enhancements” defined. (NRS 360.090, 360.250) “On-site enhancements” means land enhancements within the boundaries of the subject property which facilitate the development of the property for any use. (Added to NAC by Tax Comm’n by R039-10, 8-13-2010, eff. 7…

NAC 361.1167 “Parcel” defined. (NRS 360.090, 360.250) “Parcel” means a contiguous area of land which is: 1. Held under common ownership; 2. Subject to conveyance separately from other land; and 3. Identified by an assessor’s parcel number in accordance with the provisions of NRS …

NAC 361.117 “Qualified subdivision” defined. (NRS 360.090, 360.250) “Qualified subdivision” means a group of parcels meeting the criteria contained in NAC 361.129. (Added to NAC by Tax Comm’n, eff. 11-14-88)

NAC 361.1171 “Raw land” defined. (NRS 360.090, 360.250) “Raw land” means land in its natural state before any human modification. (Added to NAC by Tax Comm’n by R039-10, 8-13-2010, eff. 7-1-2012)

NAC 361.11715 “Real property” defined. (NRS 360.090, 360.250) 1. “Real property” has the meaning ascribed to it in NRS 361.035 and includes: (a) Land; (b) Fixtures; (c) Improvements; (d) On-site enhancements; and (e) Any rights, interests, benefits and privileges belonging or att…

NAC 361.1172 “Regression analysis” defined. (NRS 360.090, 360.250) “Regression analysis” means a statistical technique used to analyze data to predict the value of one variable from the known values of other variables. (Added to NAC by Tax Comm’n by R166-07, eff. 6-17-2008)