NAC361.1336. Allocation of taxable value of common elements to community units.

     1. Except as otherwise provided in subsection 3 of NAC 361.1334, a county assessor shall include in the valuation of each community unit of a common interest community an amount calculated by multiplying the taxable value of all the common elements of the common-interest community by a fraction, the numerator of which is 1 and the denominator of which is:

     (a) Except as otherwise provided in paragraph (b), the total number of community units in the common-interest community; or

     (b) If the common-interest community is still under development, the total number of community units planned to be constructed in the common-interest community,

Ê regardless of whether each community unit has yet been identified by a separate assessor’s parcel number.

     2. If a county assessor is unable to determine from public records the information necessary to carry out the provisions of subsection 1, the county assessor shall submit to the owners of the common elements of the common-interest community a written request for such information as the county assessor determines to be necessary to carry out those provisions. Such information may include, without limitation:

     (a) The total number of community units constructed or planned to be constructed in the common-interest community;

     (b) The assessor’s parcel number or other identifying information for each community unit in the common-interest community; and

     (c) The assessor’s parcel number or other identifying information for each portion of the common elements of the common-interest community.

     3. If the owners of the common elements of a common-interest community fail to provide the information requested pursuant to subsection 2 within 60 days after receiving that request, the county assessor shall allocate the taxable value of the common elements of the common-interest community to the community units of the common-interest community based on any information available to the county assessor.

     4. The Department shall provide a standard form for requesting and providing information pursuant to this section.

     (Added to NAC by Tax Comm’n by R183-07, eff. 8-26-2008)