NRS 361.229
Adjustment of actual age of improvements in computation of depreciation.

1.

The actual age of each improvement made on a parcel of land must be adjusted, for the purpose of computing depreciation, when any addition is made or replacement is made whose cost, added to the cost of any prior replacements, is at least 10 percent of the cost of replacement of the improvement after the work is done. For the purposes of this section, “replacement” does not include changing or adding finish or covering to floors or walls, changing or adding small appliances, or other normal maintenance of the improvement in a good condition.

2.

Except as otherwise provided in subsection 3, the amount of the reduction must be the product of the prior actual age multiplied by the ratio of the cost of the replacement or addition to the cost of replacement of the improvement after the work is done.

3.

The amount of the reduction for additions which increase the floor area of the improvement may be calculated by multiplying the prior actual age of the improvement by the ratio of the number of square feet of additional floor area to the total number of square feet of the improvement including the addition.

Source: Section 361.229 — Adjustment of actual age of improvements in computation of depreciation., https://www.­leg.­state.­nv.­us/NRS/NRS-361.­html#NRS361Sec229.

361.225
Rate of assessment. 361.227
Determination of taxable value. 361.228
Intangible personal property: Exemption from taxation 361.229
Adjustment of actual age of improvements in computation of depreciation. 361.233
Assessment and valuation of real property within common-interest community. 361.235
Assessment of corporate stock and property of partnership 361.240
Assessment of undivided property of deceased and insane persons 361.244
Classification of mobile or manufactured homes and factory-built housing as real property. 361.245
Personal property subject to security interest. 361.260
Method of assessing property for taxation 361.261
Determination of assessed value of property that is not being reappraised: Adoption of factors for improvements. 361.263
Issuance of subpoenas by county assessors 361.265
Written statement concerning personal property: Demand 361.275
Liability of county assessor for taxes not assessed through willful or inexcusable neglect 361.280
District attorney to report unassessed property to county commissioners 361.295
Assessment of real property by two counties: Examination and determination by Department. 361.300
Time and manner for completion of secured tax roll 361.305
Preparation by county assessor of maps or plats of city blocks and subdivisions. 361.310
Time and manner for completion of assessment roll 361.2275
Determination of status of property as leased or used. 361.2285
Adoption of regulations regarding use of income approach for valuation of real property used to conduct business. 361.2445
Conversion of mobile or manufactured home from real to personal property.
Last Updated

Jun. 24, 2021

§ 361.229’s source at nv​.us