CHAPTER 361 - PROPERTY TAX

NAC 361.1371 Procedure for determination of taxable value. (NRS 360.090, 360.250, 361.227) 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 estima…

NAC 361.1375 Determination of expected life, cost-index factors and depreciation. (NRS 360.090, 360.250, 361.227) 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…

NAC 361.138 Reported acquisition cost for leased equipment. (NRS 360.090, 360.250, 361.227) 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 selle…

NAC 361.139 Personal property acquired with real property for lump sum; use of other valuation techniques. (NRS 360.090, 360.250, 361.227) 1. In determining the taxable value of personal property which was acquired with real property for a lump sum, the assessor may refer to appr…

NAC 361.1401 Definitions. (NRS 360.090, 360.250, 361.260) 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…

NAC 361.1402 “Aircraft” defined. (NRS 360.090, 360.250, 361.260) 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 sys…

NAC 361.1403 “Commercial aircraft” defined. (NRS 360.090, 360.250, 361.260) “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, sched…

NAC 361.1404 “Domicile” defined. (NRS 360.090, 360.250, 361.260) “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…

NAC 361.1405 “General aircraft” defined. (NRS 360.090, 360.250, 361.260) “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 comme…

NAC 361.1406 “Kit aircraft” defined. (NRS 360.090, 360.250, 361.260) “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 …

NAC 361.1407 “Light-sport aircraft” defined. (NRS 360.090, 360.250, 361.260) “Light-sport aircraft” has the meaning ascribed to it in 14 C.F.R. § 1.1. (Added to NAC by Tax Comm’n by R001-20, eff. 1-21-2021)

NAC 361.1408 “Small unmanned aircraft” defined. (NRS 360.090, 360.250, 361.260) “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 R001-20…

NAC 361.1409 “Taxable situs” defined. (NRS 360.090, 360.250, 361.260) “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 R001-20, eff. 1-21-2021)

NAC 361.1411 “Unmanned aircraft system” defined. (NRS 360.090, 360.250, 361.260) “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 r…

NAC 361.1421 Applicability. (NRS 360.090, 360.250, 361.260) 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 uns…

NAC 361.1424 Exemption for aircraft qualifying as business inventory. (NRS 360.090, 360.250, 361.068) 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 …

NAC 361.1426 Contents of written statement to county assessor to determine taxable value. (NRS 360.090, 360.250, 361.265) The written statement required by NRS 361.265 for an aircraft must include information concerning the aircraft that is sufficient to enable the county assesso…

NAC 361.1428 Determination whether aircraft has taxable situs in this State. (NRS 360.090, 360.250, 361.260) 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…

NAC 361.143 Certain aircraft owned by certain servicemembers or spouses do not acquire taxable situs in this State. (NRS 360.090, 360.250, 361.260) 1. Notwithstanding the provisions of NAC 361.1428, an aircraft owned by a servicemember who is stationed in this State in compliance…

NAC 361.1432 Certain aircraft owned by certain foreign air carriers do not acquire taxable situs in this State. (NRS 360.090, 360.250, 361.260) 1. Notwithstanding the provisions of NAC 361.1428, an aircraft that is owned by a foreign air carrier, based and registered outside of t…

NAC 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. (NRS 360.090, 360.250, 361.260) 1. The owner of an aircraft with taxable situs in this State may claim that the taxable va…

NAC 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. (NRS 360.090, 360.250, 361.260) 1. If an aircraft has taxable situs in this State, the aircraft must be assessed …

NAC 361.1437 Period for which aircraft must be included on assessment roll of county. (NRS 360.090, 360.250, 360.260) 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 assess…

NAC 361.1438 Certain exclusions from partial abatement of property taxes. (NRS 360.090, 360.250, 361.4722) 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 …

NAC 361.144 Areas of appraisal for cycle of reappraisal. (NRS 360.090, 360.250, 361.260) 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…

NAC 361.146 Records of reappraisals. (NRS 360.090, 360.250, 361.260) 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 appra…

NAC 361.150 Report of appraisals by county assessor. (NRS 360.090, 360.250, 361.260) 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…

NAC 361.151 Statement of valuation of property sold. (NRS 360.090, 360.250, 361.260) 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…

NAC 361.152 Assessment lists: Contents; distribution. (NRS 360.090, 360.250, 361.300) 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 whi…

NAC 361.154 Assessment roll filed with Secretary of State Board of Equalization. (NRS 360.090, 360.250, 361.390) 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 e…

NAC 361.155 Billing of real property on unsecured roll. (NRS 360.090, 360.250, 361.480) 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…

NAC 361.200 Definitions. (NRS 360.090, 361.320) 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; …

NAC 361.202 “Accelerated amortization” defined. (NRS 360.090, 361.320) “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 …

NAC 361.203 “Accelerated cost recovery system” defined. (NRS 360.090, 361.320) “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)

NAC 361.204 “Accelerated depreciation” defined. (NRS 360.090, 361.320) “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…

NAC 361.206 “Accrual accounting” defined. (NRS 360.090, 361.320) “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]

NAC 361.208 “Accrued depreciation” defined. (NRS 360.090, 361.320) “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…

NAC 361.210 “Advance payments for gas” defined. (NRS 360.090, 361.320) “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 t…

NAC 361.212 “Allocation to states” defined. (NRS 360.090, 361.320) “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]

NAC 361.214 “Allowance for funds used during construction” defined. (NRS 360.090, 361.320) “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…

NAC 361.216 “Amortization” defined. (NRS 360.090, 361.320) “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…

NAC 361.218 “Annuity” defined. (NRS 360.090, 361.320) “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, Prope…

NAC 361.220 “Antipollution controls” defined. (NRS 360.090, 361.320) “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 radiati…

NAC 361.222 “Apportionment to intrastate jurisdiction” defined. (NRS 360.090, 361.320) “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…

NAC 361.224 “Assessment ratio” defined. (NRS 360.090, 361.320) “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]

NAC 361.226 “Band-of-investment” defined. (NRS 360.090, 361.320) “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 t…

NAC 361.228 “Bond discount” defined. (NRS 360.090, 361.320) “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]