Nev. Admin. Code § 361.127 — 361.127

NAC 361.127    Improvement: Replacement. ( NRS
360.090 , 360.250 , 361.227 ,
361.229 )
1.  If the use or quality of an existing
improvement is changed by a replacement, the county assessor shall revalue the
improvement according to the new use or quality as of the time the replacement
occurs.
2.  Each county assessor who determines the
percentage of the replacement made to an improvement:
(a) May use the “Percentage Breakdown of Base Cost”
published in the version of the Marshall Valuation Service adopted by
reference pursuant to NAC 361.1177 as
of January 1 of the year immediately preceding the lien date for the current
year.
(b) Must consider the total replacements made to an
improvement which have been accumulated since its construction or the last
computation of replacement if one has been made.
3.  As used in this section, the term
“replacement” includes items of remodeling or renovation which extend the
useful life of an improvement, other than those items excluded by the
provisions of NRS 361.229 .
(Added to NAC by Tax Comm’n, eff. 10-10-83; A 1-18-85;
5-16-86; R166-07, 6-17-2008; R039-10, 8-13-2010, eff. 7-1-2012)