Nev. Rev. Stat. § 361A.225 — Determination of value for open-space use of real property used as golf course

NRS  361A.225    Determination of value for open-space use of real property used
as golf course.
1.  For the purposes of NRS 361A.220 , the value for open-space
use of real property used as a golf course in a fiscal year is equal to the sum
of:
(a) The value of the land; and
(b) The value of the improvements made to the
real property before that fiscal year as adjusted for obsolescence,
Ê determined
in accordance with the manual established pursuant to subsection 2.
2.  The Nevada Tax Commission shall
establish a manual for determining the value for open-space use of real
property used as a golf course. The manual must:
(a) Require the use of such standards and
modifiers, as published or furnished by the Marshall and Swift Publication
Company, as the Nevada Tax Commission determines to be applicable.
(b) For the purpose of determining the value of
the land, define various classifications of golf courses and provide for the
valuation of each such classification in a manner that is consistent with the
provisions of NRS 361.227 , except that
the value of the land must not be determined to exceed the product of $2,860
per acre multiplied by 1 plus the percentage change in the Consumer Price Index
(All Items) for July 1 of the current year as compared to July
1, 2004.
(c) For the purpose of determining the value of
the improvements made to the real property, require the use of such factors as
the Nevada Tax Commission determines to be appropriate. Those factors must
include, for the purpose of determining obsolescence, a factor for golf courses
that are not used on a consistently frequent basis each month of the year,
which is based upon the actual number of rounds of golf played on the golf
course in relation to the number of rounds that could have been played under
optimum conditions.