NAC361.1365. Personal Property Manual: Publication; contents; approval; use.

     1. The Department will annually publish a Personal Property Manual which describes the methods and standards that must be used for the valuation of personal property. The manual must include, without limitation, annually updated:

     (a) Cost-index factors that must be used in the conversion of acquisition cost into an estimate of replacement cost new;

     (b) Expected-life schedules that indicate the category of expected life for each type of property or type of industry in which the property is used; and

     (c) Percent-good tables which indicate the rate of depreciation that must be applied.

     2. The Personal Property Manual must be approved by the Commission before publication. The Department, at least 1 month before presenting the manual to the Commission for approval, must disclose all proposed modifications to the manual and hold a public workshop on the modifications.

     3. Each county assessor shall use the Personal Property Manual in determining the taxable value of personal property.

     (Added to NAC by Tax Comm’n by R034-03, eff. 12-4-2003)