NAC361.127. Improvement: Replacement.

     1. If the use or quality of an existing improvement is changed by a replacement, the county assessor shall revalue the improvement according to the new use or quality as of the time the replacement occurs.

     2. Each county assessor who determines the percentage of the replacement made to an improvement:

     (a) May use the “Percentage Breakdown of Base Cost” published in the version of the Marshall Valuation Service adopted by reference pursuant to NAC 361.1177 as of January 1 of the year immediately preceding the lien date for the current year.

     (b) Must consider the total replacements made to an improvement which have been accumulated since its construction or the last computation of replacement if one has been made.

     3. As used in this section, the term “replacement” includes items of remodeling or renovation which extend the useful life of an improvement, other than those items excluded by the provisions of NRS 361.229.

     (Added to NAC by Tax Comm’n, eff. 10-10-83; A 1-18-85; 5-16-86; R166-07, 6-17-2008; R039-10, 8-13-2010, eff. 7-1-2012)