Nev. Admin. Code § 361.1371 — 361.1371

NAC 361.1371    Procedure for determination of taxable value. ( NRS 360.090 , 360.250 ,
361.227 )
1.  The taxable value of personal property
must be determined by adjusting the acquisition cost of the property by a
cost-index factor and reducing the adjusted acquisition cost by an estimate of
applicable depreciation. The taxable value so determined shall be deemed to be
the indicator of value of replacement cost new less depreciation.
2.  In determining taxable value, a county
assessor shall use the schedules in the Personal Property Manual that
show the cost-index factors, the rates of depreciation and the percent good by
year. The assessor shall use the schedules by:
(a) Selecting the appropriate expected useful life
of the personal property; and
(b) Selecting the appropriate cost-index factor,
based on the year of acquisition of the property, and applying it to the
acquisition cost of the property.
Ê The result
shall be deemed to be the replacement cost new of the property.
3.  The assessor shall select the method of
applying depreciation to the personal property by either:
(a) Multiplying the adjusted acquisition cost of
the property by the rate of depreciation and subtracting the result from the
adjusted acquisition cost; or
(b) Multiplying the adjusted acquisition cost of
the property by the percent-good factor.
Ê The result
from either approach shall be deemed to be the taxable value of the property.
(Added to NAC by Tax Comm’n by R034-03, eff. 12-4-2003)