NAC361.1334. Valuation of and assessment of tax on community units and common elements.

     1. A county assessor shall:

     (a) Determine the taxable value of each community unit of a common-interest community separately and assess the tax thereon to the current owner of the community unit; and

     (b) Determine the taxable value of the common elements of a common-interest community separately and assess the tax thereon to the current owners of the community units of the common-interest community as provided in NAC 361.1336.

     2. If a parcel includes both a community unit and any portion of the common elements of a common-interest community, a county assessor shall:

     (a) Determine the taxable value of any improvements and land that comprise that community unit separately and assess the tax thereon to the current owner of the community unit; and

     (b) Determine the taxable value of any improvements and land that comprise that portion of the common elements of the common-interest community and assess the tax thereon to the current owners of the community units of the common-interest community as provided in NAC 361.1336.

     3. For the purposes of:

     (a) Paragraph (a) of subsection 1, the taxable value of the common elements of a common-interest community must not enhance or be reflected in the taxable value of a community unit of that common-interest community; and

     (b) Paragraph (a) of subsection 2, the taxable value of any improvements and land that comprise the common elements of a common-interest community must not enhance or be reflected in the taxable value of any improvements and land that comprise a community unit of that common-interest community.

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