NAC361.1225. Accrued depreciation: Application; calculation.

A county assessor:

     1. Shall apply accrued depreciation when determining:

     (a) The value of improvements using the abstraction method pursuant to NAC 361.1194 or paragraph (d) of subsection 1 of NAC 361.1204; and

     (b) The contributory value of improvements pursuant to paragraph (b) of subsection 5 of NRS 361.227.

     2. Shall calculate accrued depreciation by:

     (a) The market extraction method;

     (b) The economic age-life method; or

     (c) The observed condition breakdown method,

Ê in accordance with the provisions of chapter 8 of Property Appraisal and Assessment Administration, as adopted by reference in NAC 361.1177. When calculating accrued depreciation by the economic age-life method, a county assessor may use the life-expectancy tables provided in the most recent version of the Residential Cost Handbook, Marshall Valuation Service, Residential Estimator software or Commercial Estimator software, as appropriate, adopted by reference in NAC 361.1177.

     3. Shall not apply accrued depreciation when determining the taxable value of any improvements pursuant to subsection 1 of NRS 361.227.

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