Nev. Admin. Code § 361.781 — 361.781

NAC 361.781    Calculation of deductions from amounts taxing entities otherwise
entitled to receive. ( NRS
361.4733 )
1.  Except as otherwise provided in
subsection 2 or required to carry out the provisions of NRS 361.4732 :
(a) On or before August 1 of each fiscal year, the
tax receiver of each county shall determine for each parcel or other taxable
unit of property located in that county, other than any property to which
paragraph (b) applies, for which the combined overlapping tax rate applicable
to the property for the current fiscal year exceeds the combined overlapping
adjusted tax rate applicable to the property for the immediately preceding fiscal
year, the amount which equals the lesser of:
(1) The amount of any partial abatement of
taxes to which the owner of the property is entitled pursuant to NRS 361.4722 , 361.4723 or 361.4724 for the current fiscal
year; or
(2) The product of the assessed value of the
property for the current fiscal year and the difference between:
(I) The combined overlapping tax rate
applicable to the property for the current fiscal year; and
(II) The combined overlapping adjusted
tax rate applicable to the property for the immediately preceding fiscal year.
(b) On or before August 1 of each fiscal year, the
Department shall determine for each parcel or other taxable unit of property
which is valued pursuant to NRS
361.320 or 361.323 and for
which the combined overlapping tax rate applicable to the property for the
current fiscal year exceeds the combined overlapping adjusted tax rate
applicable to the property for the immediately preceding fiscal year, the
amount which equals the lesser of:
(1) The amount of any partial abatement of
taxes to which the owner of the property is entitled pursuant to NRS 361.4722 , 361.4723 or 361.4724 for the current fiscal
year; or
(2) The product of the assessed value of the
property for the current fiscal year and the difference between:
(I) The combined overlapping tax rate
applicable to the property for the current fiscal year; and
(II) The combined overlapping adjusted
tax rate applicable to the property for the immediately preceding fiscal year.
(c) That portion of the amount of any reduction in
the ad valorem taxes levied on any parcel or other taxable unit of property as
a result of the application of NRS
361.4722 , 361.4723 and 361.4724 which is determined
pursuant to paragraph (a) or (b) must be deducted from the amount of ad valorem
taxes that would otherwise be distributed to the taxing entities whose entity
parcel tax rate increase is greater than zero in proportion to their respective
entity parcel tax rate increases.
(d) Each calculation required pursuant to this
section must be:
(1) Calculated separately for each parcel or
other taxable unit of property; and
(2) Recalculated for each fiscal year.
2.  The provisions of this section must not
be applied in any manner that:
(a) Would provide for the abatement of any increase
in ad valorem taxes which, in accordance with NRS 361.4726 , subsection 3 of NRS 361.4727 or NRS 361.4728 , is exempt from each
partial abatement from taxation provided pursuant to NRS 361.4722 , 361.4723 and 361.4724 ; or
(b) Would not allocate the revenue from any
increase in ad valorem taxes described in paragraph (a) to the taxing entity
who levies that increase or on behalf of whom that increase is levied.
3.  As used in this section, “property” means
property which is located outside of any redevelopment area or tax increment
area.
(Added to NAC by Com. on Local Gov’t Finance by R023-08,
eff. 4-17-2008)
Property Located in Redevelopment Area or Tax Increment
Area