Nev. Rev. Stat. § 361.260 — Method of assessing property for taxation; appraisals and reappraisals

NRS  361.260    Method of assessing property for taxation; appraisals and
reappraisals.
1.  Each year, the county assessor, except
as otherwise required by a particular statute, shall ascertain by diligent
inquiry and examination all real and secured personal property that is in the
county on July 1 which is subject to taxation, and also the names of all
persons, corporations, associations, companies or firms owning the property.
The county assessor shall then determine the taxable value of all such
property, and shall then list and assess it to the person, firm, corporation,
association or company owning it on July 1 of that fiscal year. The county
assessor shall take the same action at any time between May 1 and the following
April 30, with respect to personal property which is to be placed on the
unsecured tax roll.
2.  At any time before the lien date for
the following fiscal year, the county assessor may include additional personal
property and mobile and manufactured homes on the secured tax roll if the owner
of the personal property or mobile or manufactured home owns real property
within the same taxing district which has an assessed value that is equal to or
greater than the taxes for 3 years on both the real property and the personal
property or mobile or manufactured home, plus penalties. Personal property and
mobile and manufactured homes in the county on July 1, but not on the secured
tax roll for the current year, must be placed on the unsecured tax roll for the
current year.
3.  An improvement on real property in
existence on July 1 whose existence was not ascertained in time to be placed on
the secured roll for that tax year and which is not governed by subsection 4
must be placed on the unsecured tax roll.
4.  The value of any property apportioned
among counties pursuant to NRS 361.320 , 361.321 and 361.323 must be added to the central
assessment roll at the assessed value established by the Nevada Tax Commission
or as established pursuant to an appeal to the State Board of Equalization.
5.  In addition to the inquiry and
examination required in subsection 1, for any property not reappraised in the
current assessment year, the county assessor shall determine its assessed value
for that year by:
(a) Determining the replacement cost, subtracting
all applicable depreciation and obsolescence, applying the assessment ratio for
improvements, if any, and applying a factor for land to the assessed value for
the preceding year; or
(b) Applying to the assessed value for the
preceding year a factor for improvements, if any, as adopted by the Nevada Tax
Commission in the manner required by NRS
361.261 , and a factor for land developed by the county assessor and
approved by the Commission. The factor for land must be so chosen that the
median ratio of the assessed value of the land to the taxable value of the land
in each area subject to the factor is not less than 30 percent nor more than 35
percent.
6.  The county assessor shall reappraise
all real property at least once every 5 years.
7.  The county assessor shall use the
standards for appraising and reappraising land adopted by the Nevada Tax
Commission pursuant to NRS 360.250 . In
using the standards, the county assessor shall consider comparable sales of
land before July 1 of the year before the lien date.
8.  Each county assessor shall submit a
written request to the board of county commissioners and the governing body of
each of the local governments located in the county which maintain a unit of
government that issues building permits for a copy of each building permit that
is issued. Upon receipt of such a request, the governing body shall direct the
unit which issues the permits to provide a copy of each permit to the county
assessor within a reasonable time after issuance.