Nev. Admin. Code § 361.1186 — 361.1186

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 full cash value of the
subject property, the county assessor must acquire sufficient sales data
concerning the comparable property. The sales data may include, without
limitation:
(a) The total amount paid for the property and the
terms of sale;
(b) The names and contact information of the buyer
and seller;
(c) The relationship of the buyer and seller;
(d) The legal description, address and parcel
identifier of the property;
(e) Information concerning the type of transfer
that is sufficient to enable the county assessor to determine whether the
transfer was at arm’s length;
(f) The length of time the property was on the
market;
(g) The extent of the interest transferred to the
buyer;
(h) The nature of nonrealty items; and
(i) The date of the transfer.
2.  The county assessor may determine the
accuracy of the sales data acquired pursuant to subsection 1 by:
(a) Contacting the buyer, seller, title company or
any other knowledgeable participant in the transaction;
(b) Using sales questionnaires;
(c) Conducting personal interviews; or
(d) Reviewing declarations of value.
Ê The county
assessor shall disclose to each person he or she contacts for information
pursuant to this subsection that the information provided by the person will
only be used to establish value for the purposes of property taxation.
3.  The following types of sales may provide
unreliable information regarding full cash value and require additional
verification to determine whether the sale represents full cash value:
(a) Sales involving governmental agencies and
public utilities;
(b) Sales involving charitable, religious or
educational institutions;
(c) Sales involving financial institutions;
(d) Sales between relatives or corporate
affiliates;
(e) Sales of convenience, including, without
limitation, a sale intended to correct a flaw in title;
(f) Sales settling an estate;
(g) Forced sales, including, without limitation, a
sale resulting from a judicial order; and
(h) Sales involving doubtful title.
4.  The county assessor may sort sales and
other market data into homogeneous groups to reflect different market
influences and variations in zoning, other land-use controls and probable use,
and to ensure that land values will reflect market data for parcels with
similar or competitive uses in the same area.
(Added to NAC by Tax Comm’n by R166-07, eff. 6-17-2008)