"Majority of the property owners" in a territory means the owners of real property:
1. Whose combined value is greater than 50 percent of the total value of real property in the territory, as determined by assessment for taxation; and
2. Whose combined area is greater than 50 percent of the total area of the territory excluding lands held by public bodies.
(Added to NRS by 1967, 1620; A 1971, 278)