Nev. Admin. Code § 361.1188 — 361.1188

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 value must be determined using
paired sales analysis, sales-resales analysis, regression analysis or another
model calibration technique in accordance with the provisions of chapters 6 and
15 of Property Appraisal and Assessment Administration , as adopted by
reference in NAC 361.1177 .
(b) If multiple types of adjustments to comparable
sales or to the base lot or comparative unit value are necessary, those
adjustments must be made as follows:
(1) Any transactional adjustments must be made
to the total sale price in the following sequential order:
(I) Adjustments for the real property
rights conveyed.
(II) Adjustments for the financing terms.
(III) Adjustments for the conditions of
sale, including any sales concessions.
(IV) Adjustments for expenditures made
immediately after the purchase.
(V) Adjustments for market conditions.
(2) After making all the applicable
transactional adjustments described in subparagraph (1), units of comparison
must be calculated based upon the adjusted sale price, and then adjusted for
differences in location and any physical, economic and other characteristics
which affect value.
2.  For the purposes of this section:
(a) “Adjustments for market conditions” means
adjustments to reflect increases or decreases in property values in the market
for property over time.
(b) Adjustments for market conditions must not be
made unless property values for the same general area and classification of
property have increased or decreased since the transaction dates. To make such
an adjustment, the difference in sales prices of the same or similar properties
over time must be measured to extract a rate of adjustment to apply to
comparable sales to improve comparability.
(Added to NAC by Tax Comm’n by R039-10, 8-13-2010, eff.
7-1-2012)