Nev. Rev. Stat. » NRS: CHAPTER 361 - PROPERTY TAX

Nev. Rev. Stat. § 361.228

Intangible personal property: Exemption from taxation; prohibition against consideration of value; consideration of attributes of real property

Find cases: SyfertCases citing this section NRSleg.state.nv.us (official) Justiaon Justia CornellLII Search CasesGoogle Scholar
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
Cited in 4 cases, 2006–2013 · leading case: State Ex Rel. State Board of Equalization v. Bakst
Sort: Relevance Newest Treatment
State Ex Rel. State Board of Equalization v. Bakst (2006) nev “*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.”
County of Clark v. LB Properties, Inc. (2013) nev “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 Properties, Inc. (2013) nev “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) nev “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 Board of Equalization v. Bakst (2006) nev “*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.”
County of Clark v. LB Properties, Inc. (2013) nev “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 Properties, Inc. (2013) nev “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) nev “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…”
Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.