NRS
361.228 Intangible personal property: Exemption from taxation;
prohibition against consideration of value; consideration of attributes of real
property.
1. All intangible personal property is
exempt from taxation, including, without limitation:
(a) Shares of stock, bonds, mortgages, notes,
bank deposits, virtual currencies, book accounts such as an acquisition
adjustment and credits, and securities and choses in action of like character;
and
(b) Goodwill, customer lists, contracts and
contract rights, patents, trademarks, trade names, custom computer programs,
copyrights, trade secrets, franchises and licenses.
2. The value of intangible personal
property must not enhance or be reflected in the value of real property or
tangible personal property.
3. The attributes of real property, such
as zoning, location, water rights, view and geographic features, are not
intangible personal property and must be considered in valuing the real
property, if appropriate.
4. As used in this section:
(a) “Public blockchain” means an electronic
record of transactions or other data which:
(1) Is uniformly ordered;
(2) Is processed using a decentralized
method by which two or more unaffiliated computers or machines verify the
recorded transactions or other data;
(3) Is redundantly maintained by two or
more unaffiliated computers or machines to guarantee the consistency or
nonrepudiation of the recorded transactions or other data;
(4) Is validated by the use of
cryptography; and
(5) Does not restrict the ability of any
computer or machine to:
(I) View the network on which the
record is maintained; or
(II) Maintain or validate the state
of the public blockchain.
(b) “State of the public blockchain” means the
cumulative record of data on a public blockchain, consisting of the first block
of the public blockchain, all finalized transactions on the public blockchain
and all block rewards recorded on the public blockchain.
(c) “Unaffiliated computers or machines” means
computers or machines that are not under common ownership or control.
(d) “Virtual currency” means a digital
representation of value that:
(1) Is created, issued and maintained on a
public blockchain;
(2) Is not attached to any tangible asset
or fiat currency;
(3) Is accepted as a means of payment; and
(4) May only be transferred, stored or
traded electronically.
(Added to NRS by 1999,
3273; A 2005,
2654; 2019,
2827)
Notes of Decisions
State ex rel. State Bd. of Equalization v. Bakst, 148 P.3d 717 (Nev. 2006).
“*1411 Further, NRS 361.228(3) provides that “attributes of real property, such as zoning, location, view and geographic features, are not intangible personal property and must be considered in valuing the real property, if appropriate.”
Cnty. of Clark v. LB Props., Inc., 315 P.3d 294 (Nev. 2013).
“228(3) encourages consideration of property attributes “such as zoning, location, water rights, view and geographic features” in valuing a property, suggesting that valuations should account for all relevant attributes—perhaps even where consideration of a particular attribute…”
Co. of Clark v. Lb Props., Inc., No. 57082 (Nev. Sept. 12, 2013).
“228(3) encourages consideration of property attributes "such as zoning, location, water rights, view and geographic features" in valuing a property, suggesting that valuations should account for all relevant attributes—perhaps even where SUPREME COURT OF NEVADA 5 (0) 1947A…”
Cnty. of Clark v. LB Props., Inc., 2013 NV 96 (Nev. 2013).
“228(3) encourages consideration of property attributes "such as zoning, location, water rights, view and geographic features" in valuing a property, suggesting that valuations should account for all relevant attributes—perhaps even where consideration of a particular attribute…”
Nev. Rev. Stat. § 361.228(3): 4 cases
State ex rel. State Bd. of Equalization v. Bakst, 148 P.3d 717 (Nev. 2006).
“*1411 Further, NRS 361.228(3) provides that “attributes of real property, such as zoning, location, view and geographic features, are not intangible personal property and must be considered in valuing the real property, if appropriate.”
Cnty. of Clark v. LB Props., Inc., 315 P.3d 294 (Nev. 2013).
“228(3) encourages consideration of property attributes “such as zoning, location, water rights, view and geographic features” in valuing a property, suggesting that valuations should account for all relevant attributes—perhaps even where consideration of a particular attribute…”
Co. of Clark v. Lb Props., Inc., No. 57082 (Nev. Sept. 12, 2013).
“228(3) encourages consideration of property attributes "such as zoning, location, water rights, view and geographic features" in valuing a property, suggesting that valuations should account for all relevant attributes—perhaps even where SUPREME COURT OF NEVADA 5 (0) 1947A…”
Cnty. of Clark v. LB Props., Inc., 2013 NV 96 (Nev. 2013).
“228(3) encourages consideration of property attributes "such as zoning, location, water rights, view and geographic features" in valuing a property, suggesting that valuations should account for all relevant attributes—perhaps even where consideration of a particular attribute…”
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