CHAPTER 361 - PROPERTY TAX

NAC 361.452 Cost approach indicator of value. (NRS 360.090, 361.320) The cost approach consists of: 1. Determining the gross book cost for financial reporting purposes of all taxable operating property, including, without limitation, airframes, engines, propellers, radio equipmen…

NAC 361.454 Income approach indicator of value: Formula for determination. (NRS 360.090, 361.320) 1. The capitalized income approach consists of deducting from the normalized and annualized gross operating income any direct and indirect normalized and annualized operating expense…

NAC 361.456 Income approach indicator of value: Capitalization rate. (NRS 360.090, 361.320) The capitalization rate will be established from a selected number of carriers and determined in the following manner to arrive at the typical company in the airline industry group when th…

NAC 361.460 Reconciliation of indicators of value. (NRS 360.090, 361.320) 1. Immediately related to the valuation process is the reconciliation of one or more indicators of value to reach the final estimate of value for the system. 2. The analyst will reconcile in writing to the …

NAC 361.462 Deduction of depreciated cost of nonallocable flight equipment. (NRS 360.090, 361.320) 1. The depreciated cost of the nonallocable flight equipment will be deducted from the total depreciated cost of the flight equipment. 2. For the purposes of this section: (a) “Flig…

NAC 361.464 Allocation of value of interstate companies. (NRS 360.090, 361.320) 1. Since the unit rule of valuation will be used for the described properties, an allocation of those properties operating in Nevada will be made. 2. The allocation will: (a) Total 100 percent for all…

NAC 361.466 Development, application of factor for property located in Nevada. (NRS 360.090, 361.320) 1. The depreciated cost of the total tangible property of the carrier will be related to the estimate of value for the system for that same property in the form of a percentage. …

NAC 361.468 Addition of property located in Nevada. (NRS 360.090, 361.320) The adjusted estimate of value for the situs property in Nevada will be added to the flight equipment which was allocated to Nevada for the final estimate of value for Nevada. [Tax Comm’n, Property Tax Reg…

NAC 361.4685 Applicability. (NRS 360.090, 361.320) 1. The provisions of NAC 361.469 and 361.4695 apply to each air transport company or airline industry group, including, without limitation, regional airlines or unscheduled airlines, for which information is insufficient to compl…

NAC 361.469 Formula for assessment. (NRS 360.090, 361.320) 1. All allocable flight equipment may be valued in accordance with the Personal Property Manual published by the Department and approved by the Commission pursuant to NAC 361.1365 for each fiscal year or in accordance wit…

NAC 361.4695 Property located in Nevada. (NRS 360.090, 361.320) To the value of the flight equipment allocated to Nevada will be added the depreciated book cost of all ground property in Nevada, including, without limitation, buildings and improvements, furniture, fixtures, machi…

NAC 361.506 Formula for assessment. (NRS 360.090, 361.320) The value for private car line companies will be: 1. Six thousand dollars assessed valuation for each 219,000 miles traveled in Nevada for tank cars. 2. Seven thousand dollars assessed valuation for each 255,000 miles tra…

NAC 361.508 Valuation. (NRS 360.090, 361.320) In the valuation of municipal utilities, the depreciated book cost of all operating facilities in Nevada subject to assessment pursuant to NRS 361.315 and 361.320 will be used. [Tax Comm’n, Property Tax Reg. part No. 15J, eff. 10-30-7…

NAC 361.535 Definitions. (NRS 360.090, 361.221) As used in NAC 361.535 to 361.575, inclusive, unless the context otherwise requires, the words and terms defined in NAC 361.537 to 361.553, inclusive, have the meanings ascribed to them in those sections. (Added to NAC by Tax Comm’n…

NAC 361.537 “Appraiser” defined. (NRS 360.090, 361.221) 1. “Appraiser” means an employee of or an independent contractor with the State of Nevada or any of its political subdivisions who exercises judgment using his or her skills and knowledge of property appraisal to estimate th…

NAC 361.539 “Appraiser’s certificate” defined. (NRS 360.090, 361.221) “Appraiser’s certificate” means a certificate issued by the Department that authorizes a person to perform the duties of an appraiser. (Added to NAC by Tax Comm’n by R028-03, eff. 12-4-2003)

NAC 361.541 “Appraiser’s certificate examination” defined. (NRS 360.090, 361.221) “Appraiser’s certificate examination” means a comprehensive examination administered by the Department which covers the technical, legal and administrative aspects of the appraisal and assessment of…

NAC 361.543 “Approved education course” defined. (NRS 360.090, 361.221, 361.223) “Approved education course” means a course of continuing education approved by the Department. The term includes, without limitation, classes, workshops and seminars. (Added to NAC by Tax Comm’n by R…

NAC 361.545 “Board” defined. (NRS 360.090, 361.221) “Board” means the Appraiser’s Certification Board established by NRS 361.221. (Added to NAC by Tax Comm’n by R028-03, eff. 12-4-2003)

NAC 361.547 “Contact hour” defined. (NRS 360.090, 361.221, 361.223) “Contact hour” means 1 hour of credit toward continuing education requirements awarded by the Department for attendance at or instruction of an approved education course. (Added to NAC by Tax Comm’n by R028-03, e…

NAC 361.549 “Independent contractor” defined. (NRS 360.090, 361.221) “Independent contractor” means a person who contracts with, but is not otherwise employed by, the State of Nevada or any of its political subdivisions to perform the duties of an appraiser. (Added to NAC by Tax …

NAC 361.551 “Personal property appraiser’s certificate” defined. (NRS 360.090, 361.221) “Personal property appraiser’s certificate” means an appraiser’s certificate that authorizes a person to perform the duties of an appraiser with respect to personal property only. (Added to NA…

NAC 361.553 “Real property appraiser’s certificate” defined. (NRS 360.090, 361.221) “Real property appraiser’s certificate” means an appraiser’s certificate that authorizes a person to perform the duties of an appraiser with respect to real property only. (Added to NAC by Tax Com…

NAC 361.555 Temporary appraiser’s certificate. (NRS 360.090, 361.221, 361.222) 1. A person who is newly employed as an appraiser by the State of Nevada or any of its political subdivisions may apply to the Department for a temporary appraiser’s certificate. 2. The application mus…

NAC 361.557 Appraiser’s certificate. (NRS 360.090, 361.221) 1. A person who is employed as an appraiser by the State of Nevada or any of its political subdivisions may apply to the Department for an appraiser’s certificate. 2. The application must satisfy the requirements of NRS …

NAC 361.559 Independent contractor’s appraiser’s certificate: Generally. (NRS 360.090, 361.221) 1. A person who wishes to perform the duties of an appraiser as an independent contractor with the State of Nevada or any of its political subdivisions may apply to the Department for …

NAC 361.561 Independent contractor’s appraiser’s certificate: Renewal. (NRS 360.090, 361.221) 1. An independent contractor’s appraiser’s certificate must be renewed annually. 2. Except as otherwise provided in subsection 3, an application for renewal must be made in the same mann…

NAC 361.563 Appraiser’s certificate examination. (NRS 360.090, 361.221) 1. The Department will offer the appraiser’s certificate examination at least once each quarter. At least one administration of the examination each year must be at a location in northern Nevada, and at least…

NAC 361.565 Continuing education: Review and approval of courses; list of approved courses. (NRS 360.090, 361.221, 361.223) 1. The Board will review courses of continuing education and may recommend the approval of such a course by the Department if the Board determines that: (a)…

NAC 361.567 Continuing education: Award of contact hours; documentation; waiver of and failure to satisfy requirements. (NRS 360.090, 361.221, 361.223) 1. The Department, in consultation with the Board, will determine the appropriate number of contact hours to be awarded for each…

NAC 361.569 Continuing education: Maintenance and availability of records. (NRS 360.090, 361.221, 361.223) 1. The Department will maintain current records of continuing education for each person employed as an appraiser by this State or a political subdivision of this State. 2. T…

NAC 361.571 Suspension and reinstatement of appraiser’s certificate. (NRS 360.090, 361.221, 361.2226, 361.224) 1. The Department may suspend the appraiser’s certificate of a person under any of the following circumstances: (a) Upon the recommendation of the Board if the person fa…

NAC 361.573 Revocation and reinstatement of appraiser’s certificate; reapplication after revocation. (NRS 360.090, 361.221, 361.224) 1. The Department may, upon the recommendation of the Board, revoke the appraiser’s certificate of a person under any of the following circumstance…

NAC 361.575 Appeal of suspension or revocation of appraiser’s certificate. (NRS 360.090, 361.221) A decision of the Department to suspend or revoke an appraiser’s certificate may be appealed to the Commission pursuant to the provisions of NRS 360.245. (Added to NAC by Tax Comm’n …

NAC 361.580 Ratio study. (NRS 360.090, 361.333) Classes of properties sampled by the Department in conducting a ratio study pursuant to NRS 361.333 will be established and divided as the Department deems appropriate or as required by state or federal law. In addition to the crite…

NAC 361.585 Placement of stickers on mobile homes and campers. (NRS 360.090, 361.5643) The sticker required pursuant to NRS 361.5643 must be affixed to: 1. A mobile home in such a way that the sticker is clearly visible from the street. If a mobile home is assessed as real proper…

NAC 361.590 Waiver or reduction of penalty or interest. (NRS 360.090, 360.419) 1. The Department may waive or reduce the penalty or interest for a delinquent payment of property tax which is imposed pursuant to NRS 361.483 and 361.535 if it finds that the proximate cause of the d…

NAC 361.595 Definitions. (NRS 360.090, 360.250) As used in NAC 361.595 to 361.597, inclusive, unless the context otherwise requires, the words and terms defined in NAC 361.5952 to 361.5959, inclusive, have the meanings ascribed to them in those sections. (Added to NAC by Tax Comm…

NAC 361.5952 “Assignee” defined. (NRS 360.090, 360.250) “Assignee” has the meaning ascribed to it in NRS 361.7307. (Added to NAC by Tax Comm’n by R075-13, eff. 12-23-2013)

NAC 361.5954 “Delinquent taxes” defined. (NRS 360.090, 360.250) “Delinquent taxes” means any real property taxes that remain unpaid after the date the last installment of the taxes becomes due pursuant to NRS 361.483. (Added to NAC by Tax Comm’n by R075-13, eff. 12-23-2013)

NAC 361.5956 “Parcel number” defined. (NRS 360.090, 360.250) “Parcel number” means the parcel number assigned to a parcel of real property pursuant to NRS 361.189 by the county assessor of the county in which the property is located. (Added to NAC by Tax Comm’n by R075-13, eff. 1…

NAC 361.5958 “Tax lien” defined. (NRS 360.090, 360.250) “Tax lien” has the meaning ascribed to it in NRS 361.731. (Added to NAC by Tax Comm’n by R075-13, eff. 12-23-2013)

NAC 361.5959 “Tax year” defined. (NRS 360.090, 360.250) “Tax year” means the 12-month period beginning on July 1 and ending on the next succeeding June 30. (Added to NAC by Tax Comm’n by R075-13, eff. 12-23-2013)

NAC 361.596 Affidavit of authorization. (NRS 360.090, 360.250) 1. An owner of a parcel of real property who wishes to authorize the county treasurer of the county in which the property is located to assign a tax lien on the property pursuant to NRS 361.7311, must file with the co…

NAC 361.5962 Duties of county treasurer upon receipt of affidavit of authorization; affidavit of compliance; affidavit of exemption. (NRS 360.090, 360.250) 1. Upon receipt of an affidavit of authorization pursuant to NAC 361.596, the county treasurer shall confirm: (a) The last k…

NAC 361.5964 Denial of certificate of assignment. (NRS 360.090, 360.250) 1. The county treasurer shall not issue a certificate of assignment of a tax lien if the county treasurer: (a) Believes that any information included in the affidavit of authorization filed pursuant to NAC 3…

NAC 361.5966 Issuance of certificate of assignment. (NRS 360.090, 360.250) 1. If the assignment complies with the requirements of NRS 361.7303 to 361.733, inclusive, and NAC 361.595 to 361.597, inclusive, the county treasurer shall promptly issue a certificate of assignment of th…