Nevada Administrative Code

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)

NAC 361.1173 “Single property technique” defined. (NRS 360.090, 360.250) “Single property technique” means a procedure for the valuation of a single parcel or other area of land as of a given date. (Added to NAC by Tax Comm’n by R166-07, eff. 6-17-2008; A by R039-10, 8-13-2010, e…

NAC 361.1174 “Stratify” defined. (NRS 360.090, 360.250) “Stratify” means to sort parcels of property into relatively homogeneous groups based upon use, physical characteristics, location or other relevant characteristics. (Added to NAC by Tax Comm’n by R039-10, 8-13-2010, eff. 7-…

NAC 361.11745 “Trade fixture” defined. (NRS 360.090, 360.250) “Trade fixture” means an item of personal property that: 1. Is installed or attached nonpermanently to real property by an owner or tenant for the purpose of conducting a business or trade and not for the enhancement o…

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…