Nev. Admin. Code § 361.119 — 361.119

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 vacant at the time of sale are not available,
the county assessor shall determine the full cash value of land through any of
the following methods, either in combination with available land sales or as
the sole method of valuation:
(a) Abstraction method;
(b) Land residual technique;
(c) Capitalization of ground rents;
(d) Cost of development method;
(e) Allocation method, if the properties are
substantially similar; and
(f) Regression analysis.
2.  The use of sales of comparable improved
properties pursuant to subsection 1 is subject to the provisions of NAC 361.11795 or 361.118 , as applicable, NAC 361.1182 to 361.1188 , inclusive, and the following:
(a) Sales of comparable improved properties must be
adjusted to remove the full contributory value of all items attributable to the
improvements, including, without limitation, direct and indirect costs, soft
costs, entrepreneurial profit, and personal property and other nonrealty
components of value. The costs may be reported in a lump-sum basis per unit.
(b) The complete obsolescence of an improvement for
purposes of analyzing the sales price of a comparable improved property is best
determined when the improvement is demolished or removed, but may be considered
when:
(1) Sufficient evidence demonstrates an
intention to demolish or remove the improvement, which evidence may include,
without limitation, evidence that:
(I) A permit has been issued for the
demolition of the improvement;
(II) A disclosure concerning the
demolition or removal of the improvement has been filed with the Securities and
Exchange Commission;
(III) An order has been issued for the
condemnation of the improvement; or
(IV) Construction and development
financing has been obtained with respect to the comparable property which
establishes that the demolition or removal of the improvement is intended; and
(2) No occupancy or no use is established
before the completion of the demolition or removal of the improvement.
(c) Sales of comparable improved properties may be
used in determining valuation regardless of whether the complete obsolescence
of an improvement may be determined or considered pursuant to paragraph (b).
(Added to NAC by Tax Comm’n by R031-03, eff. 8-4-2004;
A by R166-07, 6-17-2008; R039-10, 8-13-2010, eff. 7-1-2012)