Kelly v. State

*151OPINION

William Cody Kelly is the owner of property at Gleribrook, Lake Tahoe. A few years ago, he paid $500,000 for the purchase, $325,000 for 44.39 acres and the balance for the improvements. In 1972, he protested the Douglas County tax assessment of $113,400 which was 35 percent of the value as prescribed by statute. NRS 361.225. On his appeal to the State Board of Equalization he contended that the land use restrictions placed on the property by the newly created Tahoe Regional Planning Agency reduced the value of his land to an approximate valuation of $40,000 with assessed valuation at…