Nevada Administrative Register 2020, R001-20AP

• Jurisdiction: Nevada
• Library: Nevada Register
• Year: 2021

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Approved Regulation R001-20

APPROVED REGULATION OF THE

NEVADA TAX COMMISSION

LCB File No. R001-20

Filed January 21, 2021

EXPLANATION – Matter in italics is new; matter in brackets [omitted material] is material to be omitted.

AUTHORITY: §§1-12 and 15-20, NRS 360.090, 360.250 and 361.260; §13, NRS 360.090,

360.250 and 361.068; §14, NRS 360.090, 360.250 and 361.265; §21, NRS

360.090, 360.250 and 361.4722.

A REGULATION relating to taxation; adopting provisions relating to the assessment of certain

aircraft by county assessors; establishing provisions governing the determination of

whether certain aircraft have taxable situs in this State; adopting provisions governing

the allocation and apportionment of the taxable value of certain aircraft having taxable

situs in this State; establishing provisions governing the application of certain partial

abatements of taxes to certain aircraft having taxable situs in this State; and providing

other matters properly relating thereto.

Legislative Counsel’s Digest:

Existing law provides that all property of every kind and nature within this State is

subject to property taxes unless specifically exempted. (NRS 361.045) Under existing law, each

county assessor of a county is required to ascertain and determine the taxable value of all real

and personal property in the county which is subject to taxation and the Nevada Tax Commission

is required to establish the valuation of property of an interstate or intercounty nature used

directly in the operation of scheduled and unscheduled air transport. (NRS 361.260, 361.320)

This regulation adopts provisions governing the assessment of certain types of aircraft by county

assessors for the purposes of property taxes.

Sections 3, 4 and 6-11 of this regulation set forth the type of aircraft to which this

regulation applies. Section 12 of this regulation provides that this regulation applies only to

aircraft assessed by a county assessor.

Under existing law, business inventories, including, without limitation, property held for

sale by a merchant or manufacturer, are exempt from property taxes. (NRS 361.068) Section 13

of this regulation adopts provisions governing the determination of whether an aircraft qualifies

for the exemption from property taxes for business inventories.

Existing law requires certain persons to provide to the county assessor of a county a

written statement of all personal property owned, claimed, possessed, controlled or managed by

the person in the county. (NRS 361.265) Section 14 of this regulation requires such a written