NAC361.6075. General abatement: Taxable unit of centrally assessed property; ineligible property of interstate or intercounty company.

     1. For the purposes of NRS 361.4722, the value of any centrally assessed property which is allocated and apportioned to a taxing district shall be deemed to constitute a taxable unit of real or personal property in that taxing district.

     2. Property of an interstate or intercounty company valued pursuant to NRS 361.320 which is not eligible for a general abatement for the current year includes, without limitation:

     (a) That portion of the unit valuation of such property for which there was no allocation or apportionment within Nevada for the immediately preceding year;

     (b) New property placed on the unsecured tax roll and classified as construction work in progress; and

     (c) That portion of the unit valuation of such property for which there is an increase in the cost indicator of value from the immediately preceding year, unless it has already been reported to the Department as construction work in progress and the taxpayer certifies that the pertinent capital expenditures will be reported as part of construction work in progress before being transferred to the accounting records of the company for plant in service.

     3. For the purposes of this section, “construction work in progress” has the meaning ascribed to it in NAC 361.258.

     (Added to NAC by Tax Comm’n by R011-06, eff. 5-4-2006)