Nev. Admin. Code § 361.128 — 361.128

NAC 361.128    Improvement: Calculation of cost of replacement. ( NRS 360.090 , 360.250 ,
361.227 ,
361.229 )
1.  The cost of replacement of an improvement
must be calculated:
(a) Without including any costs attributable to
land enhancements; and
(b) Except as otherwise provided in subsections 2,
3 and 4, using:
(1) The standards and modifiers of local costs
published in the version of the Residential Cost Handbook , Marshall
Valuation Service , Residential Estimator software or Commercial
Estimator software, as appropriate, adopted by reference pursuant to NAC 361.1177 as of January 1 of the year
immediately preceding the lien date for the current year; or
(2) With the prior approval of the Executive
Director, other computer programs for determining cost which are based on costs
published by Marshall & Swift.
2.  Except as otherwise provided in
subsections 3 and 4, the cost of replacement of a farm building, a shed or
another rustic structure must be calculated using the manual of rural building
costs adopted by the Commission if the farm building, shed or other rustic
structure:
(a) Does not conform to any applicable building
code adopted by a local governmental entity; or
(b) Is constructed by a person who does not
regularly perform construction work and does not earn a substantial portion of
his or her income as a licensed contractor, unless the person acts only as a
general contractor and the actual work is performed by a person who regularly
performs construction work and earns a substantial portion of his or her income
as a licensed contractor.
3.  Except as otherwise provided in
subsection 4, the cost of replacement of a farm building, a shed or another
rustic structure constructed by a person who regularly performs construction
work and earns a substantial portion of his or her income as a licensed
contractor must be calculated using:
(a) The standards and modifiers of local costs
published in the version of the Residential Cost Handbook , Marshall
Valuation Service , Residential Estimator software or Commercial
Estimator software, as appropriate, adopted by reference pursuant to NAC 361.1177 as of January 1 of the year
immediately preceding the lien date for the current year; or
(b) The manual of rural building costs adopted by
the Commission, except that the costs therein must be adjusted upward by 33
percent.
4.  If no publication or manual required to
be used pursuant to the provisions of this section applies to improvements of a
particular occupancy or construction type, the county assessor may apply to the
Executive Director for permission to use alternative recognized cost manuals,
cost determinations or subscription services. If the Executive Director finds
that no publication or manual required to be used pursuant to the provisions of
this section applies to such improvements and that the alternative recognized
cost manuals, cost determinations or subscription services are suitable, the
Executive Director shall, within 30 days after receiving an application
pursuant to this subsection, approve the use of the alternative recognized cost
manuals, cost determinations or subscription services and notify each county
assessor of that approval. The Executive Director shall submit to the
Commission annually a list of the alternative recognized cost manuals, cost
determinations and subscription services that the Executive Director has
approved for use.
[Tax Comm’n, Property Tax Reg. part No. 2, eff. 1-14-82]—(NAC
A 10-10-83; 7-23-84; 1-18-85; 5-16-86; R031-03, 8-4-2004; R166-07, 6-17-2008;
R039-10, 8-13-2010, eff. 7-1-2012)