Nev. Rev. Stat. § 361.333 — Procedure

1.  Not later than May 1 of each year, the
Department shall:
(a) Determine the ratio of the assessed value of
each type or class of property for which the county assessor has the
responsibility of assessing in each county to:
(1) The assessed value of comparable
property in the remaining counties.
(2) The taxable value of that type or
class of property within that county.
(b) Publish and deliver to the county assessors
and the boards of county commissioners of the counties of this state:
(1) A comparison of the latest median
ratio, overall ratio and coefficient of dispersion of the median for:
(I) The total property for each of
the 17 counties; and
(II) Each major class of property
within each county.
(2) A determination whether each county
has adequate procedures to ensure that all property subject to taxation is
being assessed in a correct and timely manner.
(3) A summary for each county of any
deficiencies that were discovered in carrying out the study of those ratios.
2.  The Nevada Tax Commission shall
allocate the counties into three groups such that the work of conducting the
study is approximately the same for each group. The Department shall conduct
the study in one group each year. The Commission may from time to time
reallocate counties among the groups, but each county must be studied at least
once in every 3 years.
3.  In conducting the study the Department
shall include an adequate sample of each major class of property and may use
any statistical criteria that will indicate an accurate ratio of taxable value
to assessed value and an accurate measure of equality in assessment.
4.  During the month of May of each year,
the board of county commissioners, or a representative designated by the
board’s chair, and the county assessor, or a representative designated by the
assessor, of each county in which the study was conducted shall meet with the
Nevada Tax Commission. The board of county commissioners and the county
assessor, or their representatives, shall:
(a) Present evidence to the Nevada Tax Commission
of the steps taken to ensure that all property subject to taxation within the
county has been assessed as required by law.
(b) Demonstrate to the Nevada Tax Commission that
any adjustments in assessments ordered in the preceding year as a result of the
procedure provided in paragraph (c) of subsection 5 have been complied with.
5.  At the conclusion of each meeting with
the board of county commissioners and the county assessor, or their
representatives, the Nevada Tax Commission may:
(a) If it finds that all property subject to
taxation within the county has been assessed at the proper percentage, take no
further action.
(b) If it finds that any class of property is
assessed at less or more than the proper percentage, and if the board of county
commissioners approves, order a specified percentage increase or decrease in
the assessed valuation of that class on the succeeding tax list and assessment
roll.
(c) If it finds the existence of underassessment
or overassessment wherein the ratio of assessed value to taxable value is less
than 32 percent or more than 36 percent in any of the following classes:
(1) Improvement values for the reappraisal
area;
(2) Land values for the reappraisal area;
and
(3) Total property values for each of the
following use categories in the reappraisal area:
(I) Vacant;
(II) Single-family residential;
(III) Multi-residential;
(IV) Commercial and industrial; and
(V) Rural,
Ê of the
county which are required by law to be assessed at 35 percent of their taxable
value, if in the nonreappraisal area the approved land and improvement factors
are not being correctly applied or new construction is not being added to the
assessment roll in a timely manner, or if the board of county commissioners
does not agree to an increase or decrease in assessed value as provided in
paragraph (b), order the board of county commissioners to employ forthwith one
or more qualified appraisers approved by the Department. The payment of those appraisers’
fees is a proper charge against the county notwithstanding that the amount of
such fees has not been budgeted in accordance with law. The appraisers shall
determine whether or not the county assessor has assessed all real and personal
property in the county subject to taxation at the rate of assessment required
by law. The appraisers may cooperate with the Department in making their
determination if so agreed by the appraisers and the Department, and shall
cooperate with the Department in preparing a report to the Nevada Tax
Commission. The report to the Nevada Tax Commission must be made on or before
October 1 following the date of the order. If the report indicates that any
real or personal property in the county subject to taxation has not been
assessed at the rate required by law, a copy of the report must be transmitted
to the board of county commissioners by the Department before November 1. The
board of county commissioners shall then order the county assessor to raise or
lower the assessment of such property to the rate required by law on the
succeeding tax list and assessment roll.
6.  The Nevada Tax Commission may adopt
regulations reasonably necessary to carry out the provisions of this section.
7.  Any county assessor who refuses to increase
or decrease the assessment of any property pursuant to an order of the Nevada
Tax Commission or the board of county commissioners as provided in this section
is guilty of malfeasance in office.

EQUALIZATION
Equalization by County Board of Equalization