Nev. Admin. Code § 361.131

Current through December 31, 2024

Section 361.131 - Taxable value exceeding full cash value

If the initially determined taxable value for any real property that is subject to valuation before the completion of the assessment roll on or before January 1 of a fiscal year pursuant to NRS 361.310 is found to exceed the full cash value of the property, the person determining taxable value shall examine the taxable value determined for the land and, if appropriate, reduce the taxable value of the land. If the land is properly valued, he or she shall appropriately reduce:

1. The taxable values determined for the improvements; and

2. If appropriate and applicable to the determination of the taxable value of the real property, the taxable value of any pertinent personal property assessed on or before July 1 of the fiscal year immediately preceding the fiscal year for which the taxes on the real property will be levied.

Nev. Admin. Code § 361.131

Added to NAC by Tax Comm'n, eff. 10-10-83; A by R031-03, 8-4-2004; R166-07, 6-17-2008; A by R191-24A, eff. 12/19/2024

NRS 360.090, 360.250, 361.227