NAC361.1194. Land: Abstraction method.

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When using the abstraction method, a county assessor must:

     1. Perform that method in accordance with the provisions of chapter 7 of Property Appraisal and Assessment Administration, as adopted by reference in NAC 361.1177.

     2. Apply accrued depreciation, in accordance with the provisions of NAC 361.1225, when calculating the full contributory value of the improvements to be subtracted from the sale price of the improved parcel to derive the residual land value.

     3. Analyze the residual land values obtained in the same manner as sales of vacant land to establish comparative unit or base lot values.

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

                    
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