February 12, 2015

Mr. Couch

made a motion to nominate Mrs. Kaminski: seconded by Mr. Marshail: 5 yeas.

Mr. Gren

made a motion to approve; seconded by Mr. Couch; 5 yeas. @) C) February 12, 2015

Mrs. Kaminski

made a motion to approve the agenda with the corrections made by Sam Merlino; seconded by Mr. Couch; 5 yeas.

Mr. Gren

made a motion that the taxpayer had not presented sufficient evidence to indicate the value established by the County Assessor was unjust or inequitable. The subject property was appraised at the proper taxable value in accordance with NRS 361.227. The petition of the Florian Wurtzberger trust was denied based upon the Findings of Fact and Conclusions of Law. The Nye County Assessor was hereby instructed to certify the assessment roll of the County consistent with this decision: seconded by Mrs. Kaminski; yeas. © © February 12, 2015 9C. Joseph M. Koenig, APN 046-181-47 The Petitioner was present and sworn in by the Clerk. The Assessor's Office identified the property.

Mr. Koenig

stated someone was measuring his property in 2013 when he bought it and he thought they were appraising the property then, not in 2012. Julie Dudenski, Nye County Property Appraiser II, explained they were picking up new construction in 2013 and measured the block wall, but the house was already appraised. The Cierk read the following exhibits into the record: Assessor's Exhibit 1: Subject Property Information, Improved Sales Map, Sales Information and Residential Sketches, Land Sales Analysis Petitioner's Exhibit A: Notices of Assessed Valuation for Fiscal Year 2013-2014 and Fiscal Year 2014-2015

Mrs. Kaminski

made a motion to accept the exhibits as read: seconded by Mr. Gren; 5 yeas.

Mr. Koenig

said last year it was assessed at $86,746.00 and this year it went up to $93,369.00 taxable value. Last year there was also a value excluded from partial abatement which was not on it now.

Mrs. Dudenski

explained the partial abatement was the 3% residential property cap which was not in place at this time.

Mr. Koenig

said he was not sure what his house was worth. He wanted to sell it and move to Las Vegas, but had been told by local real estate agents he would lose money on it. The new homes in Mt. Fails were selling well, but the old ones were not moving quickly. He thought last year for tax purposes was more correct but would leave it up to the Board.

Mrs. Dudenski

stated the subject's property value was developed as stated in NRS 361.227 and NRS 361.260, replacement cost new less depreciation with the application of obsolescence as developed with current market values. The land valuation was developed with the land to building ratio method. The subject property was located in Mt. Falls residential subdivision and was purchased brand new from the developer, William Lyon Homes, in November, 2012, for $143,533.00. The subject property was a 1,533 square foot home with a 429 square foot attached garage. It had two rear patios and one at the front entry. All improved sale properties were located in Mt. Falls and © © February 12, 2015 9C. Joseph M. Koenig, APN 046-181-47-Cont'd. were all similar models as the subject property with slight variations in size, amenities, and age. As the improved sales data ranged from $90 per square foot to $101 per square foot and supported the Assessor's value, it was the recommendation of the Assessor's Office to uphold their taxable value.

Mr. Couch

clarified Mrs. Dudenski was just comparing Mr. Koenig’s house to houses in the neighborhood that had been sold and that was what they based their valuation on, comparable sales.

Mr. Koenig

reiterated he would take a loss if he tried to sell it. As long as there was new construction going on no one would overpay for a used house.

Mrs. Kaminski

made a motion that the taxpayer had not presented sufficient evidence to indicate the value established by the County Assessor was unjust or inequitable. The subject property was appraised at the proper taxable value in accordance with NRS 361.227 and thereby the petition of Joseph Koenig was denied based upon the above Findings of Fact and Conclusions of Law. The Nye County Assessor was hereby instructed to certify the assessment roll of the County consistent with this decision; seconded by Mr. Gren; 5 yeas. 9B. Gregory P. Real, APN 044-441-07 The Petitioner was not present. The Assessor's Office identified the property. The Clerk read the following exhibits into the record: Assessor's Exhibit 1: | Subject Property Information, Improved Sales and Plat Maps, Land Sales Analysis

Mrs. Kaminski

made a motion to accept the exhibits as read; seconded by Mr. Marshall; 5 yeas. Marie Becht, Nye County Property Appraiser II, stated the subject's property value was developed as stated in NRS 361.227 and NRS 361.260, replacement cost new less depreciation with the application of the obsolescence as developed with current market values. Land values were developed as stated in NAC 361.1182. The subject property was located in the Cal-Neva Acres Subdivision on the south end of the valley. It was purchased from a bank {in good condition per the Petitioner on January 7, 2015) on May 27, 2014, for $30,000. All of the listed improved sales were arms length transactions from individual to individual. The first improved sale was superior to the subject in acreage and square footage of residence, but inferior in quality, age and Square footage of the garage. The second improved sale was equal to the subject in February 12, 2015 9B. Gregory P. Real, APN 044-441-07-Cont'd. acreage, Superior in square footage of the residence, and inferior in Square footage of the garage, age and quality. The third improved sale was superior to the subject in square footage of the residence and inferior in acreage, square footage of the garage, quality and age. The fourth and fifth improved sales were the same property and showed a five month increase in sales price. That property was inferior to the subject in acreage, age, quality and garage square footage, but superior in square footage of the residence. The sixth improved sale was superior to the subject in acreage, square footage of the residence, quality and age, but inferior in Square footage of the garage. The seventh improved sale was superior to the subject in acreage, square footage of the residence and age, but inferior in garage square footage and quality of the residence. The adjusted sales price per square foot of $54.00 supported the subject's taxable square foot of $49.00. Using the sales data it was the recommendation of the Assessor's Office to uphold the taxable value of $56,457.00.

Mr. Marshall

asked if all the improved sales were double wide sales. Mrs. Becht said no. They were just the seven closest in age to represent the subject.

Mr. Marshall

noted a few years ago there was an extensive amount of foreclosed sales coming through and asked what the ratio of foreclosed homes to regular sales was now. Julie Dudenski advised the arms length transactions were up over 70%.

Mrs. Kaminski

made a motion that the taxpayer had not presented sufficient evidence to indicate the value established by the County Assessor was unjust or inequitable. The subject property was appraised at the proper taxable value in accordance with NRS 361.227. Thereby, the petition of Gregory P. Real was denied based upon the above Findings of Fact and Conclusions of Law. The Nye County Assessor was hereby instructed to certify the assessment roll of the County consistent with this decision; seconded by Mr. Gren; 5 yeas. 9D. Joseph Golshan, Trustee, APN 036-351-09 This petition was withdrawn prior to the meeting. 9E. Wells Fargo Bank, APN 038-261-33 The Assessor's Office identified the property. The Clerk read the following exhibits into the record: Assessor's Exhibit 1: Subject Property Information, Highway Frontage Improved Sales Map, Clark County Bank Sales Data, Capitalization Summary, Central Highway Commercial Land Analysis, Subject Property Costing Data, Sketch and Aerial Photo, NRS 361.227, 361.260 and 361.345 February 12, 2015 9E. Wells Fargo Bank, APN 038-261-33-Cont'd. Petitioner's Exhibit A: Comparable Sales Information

Mrs. Kaminski

made a motion to accept the exhibits as read; seconded by Mr. Gren; 5 yeas. Julie Dudenski, Nye County Property Appraiser II, stated the subject property was a Wells Fargo Bank and was the only Wells Fargo Bank in Nye County. It was located in prime central commercial with highway frontage and side street access. The building was 4,931 square feet and was built in 2004. The original developer purchased the vacant land, combined several lots, and developed the oversized lot at 1.21 acres. There were no banks that had sold in Nye County, so the sales listed were the most current highway frontage sales, which were not comparable to a standalone bank. The sales prices of the third and fourth improved sales were both adjusted for time. If the Assessor's Office were to reduce the average per square foot sale values of the Clark County sales by 50% for location adjustment, that data still supported the Nye County taxable value of $198.00 per square foot. The Nye County Capitalization Summary was an analysis based on a fair market lease rate of $1.75 per square foot with typical vacancy and expense rates applied, further supporting the taxable value as developed per NRS 361.227 and NRS 361.260. Based on all the information provided it was the opinion of the Assessor's Office that the Petitioner had not provided sufficient evidence that the Nye County Assessor's taxable value exceeded full cash value as stated per NRS 361.345(1)(b). It was the recommendation of the Assessor's Office to uphold the taxable value of $975,257.00 for the 2015/2016 fiscal year.

Mr. Marshall

asked if the Assessor's Office had its own copy of Marshall & Swift and the updates. Mrs. Dudenski said they got new manuals every year, but used their own factors to localize it.

Mr. Marshall

asked why nothing was added for the vault door. Mrs. Dudenski explained when they categorized a bank they used the classification and quality that was included in Marshall & Swift and the doors were a specific cost in that classification.

Mr. Marshall

asked if there as any kind of data that supported the $25.00 lease rate.

Mrs. Dudenski

said they did not have the data for leasing a bank, but based on the developers, landlords and owners of lease rate properties they established it would be a 30% increase in their market rate if they were to lease to a bank.

Mr. Marshail

suggested in the future the Assessor show the Board of Equalization some rental rates to justify that and as well as justification for a 9% cap rate.

Mrs. Dudenski

advised they got the cap from the internet.

Mrs. Kaminski

made a motion that the taxpayer had not presented sufficient evidence to indicate the value established by the County Assessor was unjust or inequitable. The February 12, 2015 9E. Wells Fargo Bank, APN 038-261-33-Cont'd. subject property was appraised at the proper taxable value in accordance with NRS 361.227 and the petition of Wells Fargo Bank was denied based upon the above Findings of Fact and Conclusions of Law. The Nye County Assessor was instructed to certify the assessment roll of the County consistent with this decision; seconded by Mr. Gren; 5 yeas.

Mr. Gren

made a motion to adjourn; seconded by Mr. Marshall; 5 yeas. ue APPROVED this day ATTESTED: of tye lrtcou, 2016. C\ K errr Chee tak Mi dman Chair / mei Equalization Nye'County Clerk / Deputy