NAC361.1295. Taxable value of land within qualified subdivision.

     1. In determining the taxable value of land within a qualified subdivision, the county assessor shall use, as he or she deems appropriate based upon the available information concerning the subdivision:

     (a) The full cash value of the subdivision as vacant land, plus all actual costs of site preparation, including on-site enhancements and off-site enhancements;

     (b) The selling price of any comparable subdivision or group of parcels, adjusting that price as appropriate to reflect differences between the land sold and the land being appraised; or

     (c) The estimated retail selling price of all parcels in the subdivision which are not sold, rented or occupied, reduced by the percentage specified for the expected absorption period of the parcels:

Expected Absorption Period	Percentage of Reduction
(Years)
1 - 3.........................................	20
4 - 6.........................................	30
7 - 9.........................................	40
10 or more...............................	50

     2. The taxable value determined as provided in subsection 1 must be allocated to each parcel in the subdivision which is not sold, rented or occupied according to the size and other characteristics of that parcel.

     3. The taxable value of any improvements made within a qualified subdivision must be determined as provided by NRS 361.227.

     (Added to NAC by Tax Comm’n, eff. 11-14-88; A by R039-10, 8-13-2010, eff. 7-1-2012)