The factors for improvements required by subsection 5 of NRS 361.260 must be adopted pursuant to the following procedure:

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1.  On or before February 1 of the year immediately preceding the year to which the factors will be applied, the Department shall provide the proposed factors to each county assessor.

2.  On or before May 15 of the same year, each county assessor shall notify the Nevada Tax Commission that he or she either approves or objects to the proposed factors that are applicable to the county he or she represents.

3.  If one or more of the county assessors notify the Nevada Tax Commission of an objection to the proposed factors that are applicable to the county they represent, the Nevada Tax Commission shall, at a regularly scheduled meeting of the Commission, hold a hearing on those proposed factors before the factors are adopted. At the hearing, the Nevada Tax Commission shall:

(a) Make every effort to reconcile the objection or objections of each county assessor; and

(b) Provide to those persons attending the hearing copies of any published reference manuals and the local indicators of the taxable value of improvements that were used by the Department to establish the proposed factors.