Nev. Admin. Code § 361.1186

Current through June 11, 2024

Section 361.1186 - Land: Sales data for purposes of sales comparison approach

For the purposes of carrying out the provisions of NAC 361.11795 or 361.118:

1. In determining whether the sales price of each comparable property is representative of the full cash value of the subject property, the county assessor must acquire sufficient sales data concerning the comparable property. The sales data may include, without limitation:

(a) The total amount paid for the property and the terms of sale;

(b) The names and contact information of the buyer and seller;

(c) The relationship of the buyer and seller;

(d) The legal description, address and parcel identifier of the property;

(e) Information concerning the type of transfer that is sufficient to enable the county assessor to determine whether the transfer was at arm's length;

(f) The length of time the property was on the market;

(g) The extent of the interest transferred to the buyer;

(h) The nature of nonrealty items; and

(i) The date of the transfer.

2. The county assessor may determine the accuracy of the sales data acquired pursuant to subsection 1 by:

(a) Contacting the buyer, seller, title company or any other knowledgeable participant in the transaction;

(b) Using sales questionnaires;

(c) Conducting personal interviews; or

(d) Reviewing declarations of value.

The county assessor shall disclose to each person he or she contacts for information pursuant to this subsection that the information provided by the person will only be used to establish value for the purposes of property taxation.

3. The following types of sales may provide unreliable information regarding full cash value and require additional verification to determine whether the sale represents full cash value:

(a) Sales involving governmental agencies and public utilities;

(b) Sales involving charitable, religious or educational institutions;

(c) Sales involving financial institutions;

(d) Sales between relatives or corporate affiliates;

(e) Sales of convenience, including, without limitation, a sale intended to correct a flaw in title;

(f) Sales settling an estate;

(g) Forced sales, including, without limitation, a sale resulting from a judicial order; and

(h) Sales involving doubtful title.

4. The county assessor may sort sales and other market data into homogeneous groups to reflect different market influences and variations in zoning, other land-use controls and probable use, and to ensure that land values will reflect market data for parcels with similar or competitive uses in the same area.

Nev. Admin. Code § 361.1186

Added to NAC by Tax Comm'n by R166-07, eff. 6-17-2008

NRS 360.090, 360.250, 361.227