Nev. Rev. Stat. § 361.2285 — Adoption of regulations regarding use of income approach for valuation of real property used to conduct business

NRS  361.2285    Adoption of regulations regarding use of income approach for
valuation of real property used to conduct business.    The
Nevada Tax Commission shall adopt regulations which:
1.  Provide for the creation of a simple,
easily understood form which may be completed by the owner of any real property
used to conduct a business and used to:
(a) Compute and determine the value of the
property using the income approach and to compare that value to the existing
taxable value of the property to determine the existence of any obsolescence;
and
(b) Apply to the appropriate county assessor or
board of equalization for computation of the taxable value of the property in
accordance with subsection 5 of NRS 361.227 .
2.  Clearly set forth the methodology for
applying the income approach to valuation for tax purposes of real property
used to conduct a business to determine whether obsolescence is a factor. The
methodology must be described in a manner that may be easily understood by the
owners of such property.
3.  Will make available to the owner of any
real property used to conduct a business information that will allow the owner
to apply the income approach to establish the full cash value of the property
for the purpose of comparing that value to the taxable value established by the
county assessor.