Nev. Rev. Stat. § 361.227 — Determination of taxable value

1.  Any person determining the taxable
value of real property shall appraise:
(a) The full cash value of:
(1) Vacant land by considering the uses to
which it may lawfully be put, any legal or physical restrictions upon those
uses, the character of the terrain, and the uses of other land in the vicinity.
(2) Improved land consistently with the
use to which the improvements are being put.
(b) Any improvements made on the land by
subtracting from the cost of replacement of the improvements all applicable
depreciation and obsolescence. Depreciation of an improvement made on real
property must be calculated at 1.5 percent of the cost of replacement for each
year of adjusted actual age of the improvement, up to a maximum of 50 years.
2.  The unit of appraisal must be a single
parcel unless:
(a) The location of the improvements causes two
or more parcels to function as a single parcel;
(b) The parcel is one of a group of contiguous
parcels which qualifies for valuation as a subdivision pursuant to the
regulations of the Nevada Tax Commission; or
(c) In the professional judgment of the person
determining the taxable value, the parcel is one of a group of parcels which
should be valued as a collective unit.
3.  The taxable value of a leasehold
interest, possessory interest, beneficial interest or beneficial use for the
purpose of NRS 361.157 or 361.159 must be determined in the same
manner as the taxable value of the property would otherwise be determined if
the lessee or user of the property was the owner of the property and it was not
exempt from taxation, except that the taxable value so determined must be reduced
by a percentage of the taxable value that is equal to the:
(a) Percentage of the property that is not
actually leased by the lessee or used by the user during the fiscal year; and
(b) Percentage of time that the property is not
actually leased by the lessee or used by the user during the fiscal year, which
must be determined in accordance with NRS
361.2275 .
4.  The taxable value of other taxable
personal property, except a mobile or manufactured home, must be determined by
subtracting from the cost of replacement of the property all applicable
depreciation and obsolescence. Depreciation of a billboard must be calculated
at 1.5 percent of the cost of replacement for each year after the year of
acquisition of the billboard, up to a maximum of 50 years.
5.  The computed taxable value of any
property must not exceed its full cash value. Each person determining the
taxable value of property shall reduce it if necessary to comply with this
requirement. A person determining whether taxable value exceeds that full cash
value or whether obsolescence is a factor in valuation may consider:
(a) Comparative sales, based on prices actually
paid in market transactions.
(b) A summation of the estimated full cash value
of the land and contributory value of the improvements.
(c) Capitalization of the fair economic income
expectancy or fair economic rent, or an analysis of the discounted cash flow.
Ê A county
assessor is required to make the reduction prescribed in this subsection if the
owner calls to his or her attention the facts warranting it, if the county
assessor discovers those facts during physical reappraisal of the property or
if the county assessor is otherwise aware of those facts.
6.  The Nevada Tax Commission shall, by
regulation, establish:
(a) Standards for determining the cost of
replacement of improvements of various kinds.
(b) Standards for determining the cost of
replacement of personal property of various kinds. The standards must include a
separate index of factors for application to the acquisition cost of a
billboard to determine its replacement cost.
(c) Schedules of depreciation for personal
property based on its estimated life.
(d) Criteria for the valuation of two or more
parcels as a subdivision.
7.  In determining, for the purpose of computing
taxable value, the cost of replacement of:
(a) Any personal property, the cost of all
improvements of the personal property, including any additions to or
renovations of the personal property, but excluding routine maintenance and
repairs, must be added to the cost of acquisition of the personal property.
(b) An improvement made on land, a county
assessor may use any final representations of the improvement prepared by the
architect or builder of the improvement, including, without limitation, any final
building plans, drawings, sketches and surveys, and any specifications included
in such representations, as a basis for establishing any relevant measurements
of size or quantity.
8.  The county assessor shall, upon the
request of the owner, furnish within 15 days to the owner a copy of the most
recent appraisal of the property, including, without limitation, copies of any
sales data, materials presented on appeal to the county board of equalization
or State Board of Equalization and other materials used to determine or defend
the taxable value of the property.
9.  The provisions of this section do not
apply to property which is assessed pursuant to NRS 361.320 .