NAC361.118. Land: Sales comparison approach using single property technique.

A county assessor shall apply the sales comparison approach using a single property technique as follows:

     1. The county assessor shall adjust the sales prices or unit values of comparable properties as necessary to eliminate differences between the comparable properties and the subject property that affect value. The adjustments:

     (a) Must be mathematical changes made to the sales prices or unit values of the comparable properties to account for differences in elements of comparison between the comparable properties and the subject property;

     (b) May be made only to the comparable properties, and not to the subject property; and

     (c) May be made by adding or subtracting lump-sum dollar values, or by applying positive or negative percentage differentials, to the sales prices or unit values of the comparable properties.

     2. The elements of comparison between the comparable properties and the subject property that may be used by the county assessor include, without limitation, the real property rights conveyed, financing terms, conditions of sale, market conditions, location, physical characteristics, size, zoning or use, governmental restrictions and nonrealty components of value.

     3. After adjusting the comparable properties for differences that affect value, the county assessor shall analyze the range of adjusted sales prices of the comparable properties to arrive at an estimate of value for the subject property.

     [Tax Comm’n, Property Tax Reg. part No. 2, eff. 1-14-82]—(NAC A by R031-03, 8-4-2004; R166-07, 6-17-2008)