Nev. Admin. Code § 361.1204 - Land: Allocation method

When using the allocation method, a county assessor must:

1. Estimate the logical and proportionate relationship of the value of land to the total value of real property by analyzing:

(a) Historical sales of vacant land and improved land in the same geographic market area as the subject property, without limitation as to the dates of those sales;

(b) Sales of vacant land and improved land in similar or competitive geographic market areas;

(c) Sales of vacant land compared to subsequent sales of the same or substantially similar parcels after improvements have been built; or

(d) Residual land values obtained using the abstraction method;

2. Apply the resulting ratio of land to total value to sales of comparable improved land to determine the portion of the sales prices attributable to land; and

3. Analyze the land values obtained in the same manner as sales of vacant land to establish comparative unit or base lot values.

Notes

Nev. Admin. Code § 361.1204

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

NRS 360.090, 360.250, 361.227