Nev. Admin. Code § 361.1365

Current through June 11, 2024

Section 361.1365 - Personal Property Manual : Publication; contents; approval; use

1. The Department will annually publish a Personal Property Manual which describes the methods and standards that must be used for the valuation of personal property. The manual must include, without limitation, annually updated:

(a) Cost-index factors that must be used in the conversion of acquisition cost into an estimate of replacement cost new;

(b) Expected-life schedules that indicate the category of expected life for each type of property or type of industry in which the property is used; and

(c) Percent-good tables which indicate the rate of depreciation that must be applied.

2. The Personal Property Manual must be approved by the Commission before publication. The Department, at least 1 month before presenting the manual to the Commission for approval, must disclose all proposed modifications to the manual and hold a public workshop on the modifications.

3. Each county assessor shall use the Personal Property Manual in determining the taxable value of personal property.

Nev. Admin. Code § 361.1365

Added to NAC by Tax Comm'n by R034-03, eff. 12-4-2003

NRS 360.090, 360.250, 361.227