NAC361.1204. Land: Allocation method.

When using the allocation method, a county assessor must:

     1. Estimate the logical and proportionate relationship of the value of land to the total value of real property by analyzing:

     (a) Historical sales of vacant land and improved land in the same geographic market area as the subject property, without limitation as to the dates of those sales;

     (b) Sales of vacant land and improved land in similar or competitive geographic market areas;

     (c) Sales of vacant land compared to subsequent sales of the same or substantially similar parcels after improvements have been built; or

     (d) Residual land values obtained using the abstraction method;

     2. Apply the resulting ratio of land to total value to sales of comparable improved land to determine the portion of the sales prices attributable to land; and

     3. Analyze the 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)