Nevada Administrative Code

NAC 361.398 “Times interest earned” defined. (NRS 360.090, 361.320) “Times interest earned” means the ratio of earnings before the interest expense to the interest expense. The factor is an element used in determining risk by the purchaser of debt issues of a company. Generally, …

NAC 361.400 “Uniform system of accounts” defined. (NRS 360.090, 361.320) “Uniform system of accounts” means the prescribed method of accounting adopted by a state regulatory agency, such as a public service commission, or by a federal regulatory agency such as the Department of T…

NAC 361.402 “Unitary method of valuation” defined. (NRS 360.090, 361.320) “Unitary method of valuation,” as used in the central assessment of utilities, is a method of valuation which recognizes that a utility is an integrated enterprise and that its market value is not a summati…

NAC 361.404 “Variable expenses” defined. (NRS 360.090, 361.320) “Variable expenses” means those expenses of a business enterprise which vary with changes in the volume of output such as outlays for fuel to generate electric power. [Tax Comm’n, Property Tax Reg. part No. 15, eff. …

NAC 361.406 “Yield to maturity” defined. (NRS 360.090, 361.320) “Yield to maturity” means the computation of the average rate of return on outstanding debt issues taking into consideration the current price, interest payments and capital gains or losses at the maturity of the iss…

NAC 361.408 Indicators of value: Cost approach; income approach; market or stock and debt approach; reconciliation. (NRS 360.090, 361.320) 1. The cost approach consists of that cost of all operating assets subject to the ad valorem property tax pursuant to NRS 361.315 and 361.320…

NAC 361.410 Use of unit rule of valuation. (NRS 360.090, 361.320) In the valuation of those properties which are listed in NRS 361.320, the unit rule of valuation will be used when considered applicable. The unit rule generally applies to companies which own or operate lines or r…

NAC 361.411 Reports of construction work in progress. (NRS 360.090, 361.321) Construction work in progress must be reported to the Department to the extent to which it provides additional capacity even though part of the new construction replaces existing property. (Added to NAC …

NAC 361.421 Cost approach indicator of value: Determination. (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, but not limited to, all property relating to rail t…

NAC 361.4215 Cost approach indicator of value: Optional cost information. (NRS 360.090, 361.320) The taxpayer may present and the Department shall consider, in addition to the information required by NAC 361.421, one or more of the following alternative cost indicators of value: …

NAC 361.423 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 361.425 Income approach indicator of value: Capitalization rate. (NRS 360.090, 361.320) The capitalization rate will be established from a selected number of firms to derive the rate for the typical company in each industry group when the information is available: 1. The band…

NAC 361.427 Stock and debt approach indicator of value. (NRS 360.090, 361.320) 1. The stock and debt approach proposes a value for the entire firm, but is generally recognized as a less applicable methodology for determining the value of taxable property. 2. The stock and debt in…

NAC 361.429 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. For multiple departmental companies, when con…

NAC 361.431 Allocation of value of interstate and intercounty properties. (NRS 360.090, 361.320) 1. Since the unit rule of valuation will be used for all interstate and intercounty properties, an allocation of those properties operating in Nevada will be made. 2. The allocation w…

NAC 361.433 Deductions from taxable value. (NRS 360.090, 361.320) 1. The value and not the cost of any vehicles licensed in Nevada will be deducted from the taxable value of the property which was allocated to Nevada. 2. For telecommunications companies, property on lands ceded t…

NAC 361.451 Applicability. (NRS 360.090, 361.320) Except as specifically provided in NAC 361.4685, the provisions of NAC 361.452 to 361.468, inclusive, do not apply to a taxpayer whose property is assessed pursuant to NAC 361.4685, 361.469 and 361.4695. (Added to NAC by Tax Comm’…

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…