Nev. Admin. Code § 361.1365 — 361.1365

NAC 361.1365    Personal Property Manual : Publication; contents; approval;
use. ( NRS 360.090 , 360.250 ,
361.227 )
1.  The Department will annually publish a Personal
Property Manual which describes the methods and standards that must be used
for the valuation of personal property. The manual must include, without
limitation, annually updated:
(a) Cost-index factors that must be used in the
conversion of acquisition cost into an estimate of replacement cost new;
(b) Expected-life schedules that indicate the
category of expected life for each type of property or type of industry in
which the property is used; and
(c) Percent-good tables which indicate the rate of
depreciation that must be applied.
2.  The Personal Property Manual must
be approved by the Commission before publication. The Department, at least 1
month before presenting the manual to the Commission for approval, must
disclose all proposed modifications to the manual and hold a public workshop on
the modifications.
3.  Each county assessor shall use the Personal
Property Manual in determining the taxable value of personal property.
(Added to NAC by Tax Comm’n by R034-03, eff. 12-4-2003)