Nev. Admin. Code § 361.1192

Current through November 8, 2024

Section 361.1192 - Land: General requirements for use of alternative methods

If a county assessor uses any of the methods described in subsection 1 of NAC 361.119 to derive the value of land, the county assessor must:

1. Examine and evaluate:

(a) The reliability and accuracy of the method used;

(b) The characteristics of the subject property;

(c) The sufficiency and quantity of the data used to derive the value;

(d) The reliability and accuracy of the data used and any pertinent adjustments made to comparable property;

(e) The relative validity of each comparable sale used;

(f) The number and magnitude of any adjustments made to comparable property or the reasons why no adjustments were made; and

(g) The relative importance of individual elements of comparison; and

2. Determine whether:

(a) The derived value is accurate for the type of property being valued; or

(b) Another method must be used or additional data must be obtained to derive the value accurately.

Nev. Admin. Code § 361.1192

Added to NAC by Tax Comm'n by R039-10, 8-13-2010, eff. 7-1-2012

NRS 360.090, 360.250, 361.227