CHAPTER 361 - PROPERTY TAX

NAC 361.1175 “Units of comparison” defined. (NRS 360.090, 360.250) “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 fo…

NAC 361.1176 “Vacant land” defined. (NRS 360.090, 360.250) “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 all…

NAC 361.1177 Adoption by reference and availability of certain publications; revision of publications after adoption. (NRS 360.090, 360.250, 361.227) 1. The Commission hereby adopts by reference: (a) The Standard on Mass Appraisal of Real Property, January 2008 edition, as publis…

NAC 361.1178 Code of categories of land use. (NRS 360.090, 360.250, 361.227) 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 r…

NAC 361.1179 Land: Methods for determining full cash value. (NRS 360.090, 360.250, 361.227) 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 com…

NAC 361.11795 Land: Sales comparison approach using mass appraisal technique. (NRS 360.090, 360.250, 361.227) 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 apprai…

NAC 361.118 Land: Sales comparison approach using single property technique. (NRS 360.090, 360.250, 361.227) 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 valu…

NAC 361.1182 Land: General requirements for sales comparison approach. (NRS 360.090, 360.250, 361.227) 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 consi…

NAC 361.1184 Land: Stratification for purposes of sales comparison approach. (NRS 360.090, 360.250, 361.227) 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 l…

NAC 361.1186 Land: Sales data for purposes of sales comparison approach. (NRS 360.090, 360.250, 361.227) 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 ful…

NAC 361.1188 Land: Adjustments for purposes of sales comparison approach. (NRS 360.090, 360.250, 361.227) 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 v…

NAC 361.119 Land: Alternate methods to sales comparison approach. (NRS 360.090, 360.250, 361.227) 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 va…

NAC 361.1192 Land: General requirements for use of alternative methods. (NRS 360.090, 360.250, 361.227) 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 re…

NAC 361.1194 Land: Abstraction method. (NRS 360.090, 360.250, 361.227) 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 361.1196 Land: Land residual technique. (NRS 360.090, 360.250, 361.227) 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 ref…

NAC 361.1198 Land: Capitalization of ground rents. (NRS 360.090, 360.250, 361.227) 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 impro…

NAC 361.1202 Land: Cost of development method. (NRS 360.090, 360.250, 361.227) 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 …

NAC 361.1204 Land: Allocation method. (NRS 360.090, 360.250, 361.227) 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 va…

NAC 361.1206 Land: Regression analysis. (NRS 360.090, 360.250, 361.227) 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 a…

NAC 361.121 Obtaining and maintaining sufficient data regarding characteristics of property. (NRS 360.090, 360.250) 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 NA…

NAC 361.1212 Use of appropriate units of comparison. (NRS 360.090, 360.250, 361.227) 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 so…

NAC 361.1214 Consideration of influence of on-site and off-site enhancements. (NRS 360.090, 360.250, 361.227) 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 i…

NAC 361.1216 Development of mass appraisal model to explain or predict market value from real estate data. (NRS 360.090, 360.250, 361.227) When developing a mass appraisal model to explain or predict the market value of properties from real estate data, a county assessor must bui…

NAC 361.1218 Determination of whether sufficient sales of comparable properties are available. (NRS 360.090, 360.250, 361.227) 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 compa…

NAC 361.122 Valuation of improved land. (NRS 360.090, 360.250, 361.227) 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 usi…

NAC 361.1225 Accrued depreciation: Application; calculation. (NRS 360.090, 360.250, 361.227) 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…

NAC 361.123 Contaminated property: Definitions. (NRS 360.090, 360.250, 361.227) 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 Contaminated property: Burden of proof; documentation required. (NRS 360.090, 360.250, 361.227) 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 proper…

NAC 361.1234 Contaminated property: Determination of full cash value. (NRS 360.090, 360.250, 361.227) 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 …

NAC 361.1236 Contaminated property: Annual review. (NRS 360.090, 360.250, 361.227) 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 an…

NAC 361.124 Determination of actual age of improvement or newly constructed addition to improvement. (NRS 360.090, 360.250, 361.227, 361.229) In determining the actual age of: 1. An improvement or newly constructed addition to an existing improvement, the county assessor shall us…

NAC 361.125 Improvement: Initial taxable value. (NRS 360.090, 360.250, 361.227) 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 calcula…

NAC 361.127 Improvement: Replacement. (NRS 360.090, 360.250, 361.227, 361.229) 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 occ…

NAC 361.128 Improvement: Calculation of cost of replacement. (NRS 360.090, 360.250, 361.227, 361.229) 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 subsec…

NAC 361.1285 Common-interest communities. (NRS 360.090, 360.250, 361.227, 361.233) 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 …

NAC 361.129 Appraisal of parcel as part of qualified subdivision. (NRS 360.090, 360.250, 361.227) 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 co…

NAC 361.1295 Taxable value of land within qualified subdivision. (NRS 360.090, 360.250, 361.227) 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 concerni…

NAC 361.130 Mobile or manufactured home. (NRS 360.090, 360.250, 361.227, 361.2445, 361.325) 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 obsolesc…

NAC 361.1305 Billboards. (NRS 360.090, 360.250, 361.227) 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 cu…

NAC 361.131 Taxable value exceeding full cash value. (NRS 360.090, 360.250, 361.227) 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 determ…

NAC 361.1315 Adjustment in apportionment for school district. (NRS 360.090, 360.250, 387.1243) 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…

NAC 361.133 Definitions. (NRS 360.090, 360.250, 361.233) 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, ef…

NAC 361.1332 Applicability. (NRS 360.090, 360.250, 361.233) 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)

NAC 361.1334 Valuation of and assessment of tax on community units and common elements. (NRS 360.090, 360.250, 361.233) 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 c…

NAC 361.1336 Allocation of taxable value of common elements to community units. (NRS 360.090, 360.250, 361.233) 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 …

NAC 361.1345 Definitions. (NRS 360.090, 360.250, 361.227) 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 b…

NAC 361.1351 “Acquisition cost” and “original cost” defined. (NRS 360.090, 360.250, 361.227) “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. (Ad…