361.2285 - Adoption of regulations regarding use of income approach for valuation of real property used to conduct business. - Nevada Statutes

361.2285  Adoption of regulations regarding use of income approach for valuation of real property used to conduct business.  The Nevada Tax Commission shall adopt regulations which:

      1.  Provide for the creation of a simple, easily understood form which may be completed by the owner of any real property used to conduct a business and used to:

      (a) Compute and determine the value of the property using the income approach and to compare that value to the existing taxable value of the property to determine the existence of any obsolescence; and

      (b) Apply to the appropriate county assessor or board of equalization for computation of the taxable value of the property in accordance with subsection 5 of NRS 361.227.

      2.  Clearly set forth the methodology for applying the income approach to valuation for tax purposes of real property used to conduct a business to determine whether obsolescence is a factor. The methodology must be described in a manner that may be easily understood by the owners of such property.

      3.  Will make available to the owner of any real property used to conduct a business information that will allow the owner to apply the income approach to establish the full cash value of the property for the purpose of comparing that value to the taxable value established by the county assessor.

      (Added to NRS by 2005, 42; A 2005, 1755)