Nev. Admin. Code § 361.122 — 361.122

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 using comparable sales from a stratum with similar
zoning and location in accordance with NAC
361.11795 or 361.118 or, if
appropriate, NAC 361.119 ; or
(b) Not 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, in accordance with NAC 361.11795 or 361.118 or, if appropriate, NAC 361.119 , by using comparable sales from
a stratum that:
(1) Is most comparable to the improved land;
(2) Has the same or a similar use; and
(3) Is affected by the same or similar
restrictions.
2.  The area of land to be valued according
to the use of the improvements is the area actually covered by each
improvement, plus the surrounding area necessary to support the use of the
improvement, as determined in accordance with any zoning restrictions and other
legally enforceable restrictions on the current use of the land. Any excess or
surplus land must be valued as if vacant in accordance with NAC 361.11795 or 361.118 or, if appropriate, NAC 361.119 .
3.  As used in this section:
(a) “Excess land” means land that is not currently
needed to serve or support an existing improvement, and which has the potential
to be sold separately from any land that is needed to serve or support an
existing improvement.
(b) “Surplus land” means land that is not currently
needed to serve or support an existing improvement, but which does not have an
independent use separate from an existing improvement and does not have the
potential to be sold separately from any land that is needed to serve or
support an existing improvement.
[Tax Comm’n, Property Tax Reg. part No. 2, eff. 5-27-82]—(NAC
A by R031-03, 8-4-2004; R166-07, 6-17-2008; R039-10, 8-13-2010, eff. 7-1-2012)