Nev. Admin. Code § 361.817 — 361.817

NAC 361.817    Distribution of ad valorem taxes collected on property located in
redevelopment area and for which parcel effective incremental value is greater
than zero. ( NRS
361.4733 )
1.  Except as otherwise provided in
subsection 2 of NRS 279.676 and NAC 361.821 , the ad valorem taxes collected
on a parcel or other taxable unit of property which is located in a
redevelopment area and for which the parcel effective incremental value is
greater than zero must be distributed as follows:
(a) The amount of taxes determined by multiplying
the parcel share of base value by the combined overlapping adjusted tax rate
applicable to that property must be distributed to the entities entitled to
receive those taxes pursuant to paragraph (a) of subsection 1 of NRS 279.676 in proportion to their
respective entity adjusted parcel tax rates;
(b) The amount of taxes determined by multiplying
the combined overlapping post-1996 adjusted parcel tax rate by the parcel effective
incremental value applicable to that property must be distributed to the
entities described in paragraphs (c) and (d) of subsection 1 of NRS 279.676 in proportion to their
respective post-1996 adjusted parcel tax rates; and
(c) After deducting the amount of taxes required to
be distributed pursuant to paragraphs (a) and (b), any remaining amount must be
distributed to the redevelopment agency as provided in paragraph (b) of subsection
1 of NRS 279.676 .
2.  For the purposes of this section:
(a) “Combined overlapping post-1996 adjusted parcel
tax rate” means the sum of all the post-1996 adjusted parcel tax rates of all
the taxing entities that levy an ad valorem tax on a parcel or other taxable
unit of property.
(b) “Post-1996 adjusted parcel tax rate” means:
(1) For the fiscal year beginning on July 1,
2004, the post-1996 debt tax rate of a taxing entity applicable to a parcel or
other taxable unit of property for that fiscal year; and
(2) For each subsequent fiscal year, the sum
obtained by adding:
(I) The post-1996 adjusted parcel tax
rate of a taxing entity applicable to a parcel or other taxable unit of property
for the immediately preceding fiscal year; and
(II) The product obtained by multiplying
the post-1996 parcel tax rate increase of that taxing entity applicable to that
property for the current fiscal year by the entity percentage allowed parcel tax
rate increase of that taxing entity applicable to that property.
(c) “Post-1996 debt tax rate” means the portion of
the debt tax rate of a taxing entity which is levied to pay any bonded
indebtedness approved by the voters of the taxing entity on or after November
5, 1996, as described in paragraph (c) of subsection 1 of NRS 279.676 . The post-1996 debt tax
rate of a taxing entity for a fiscal year must be determined by multiplying the
debt tax rate of that taxing entity for that fiscal year by a fraction, the
numerator of which is the total amount of principal and interest coming due in
that fiscal year on all the bonded indebtedness of that taxing entity which was
approved by the voters of that taxing entity on or after November 5, 1996, and
is to be paid with ad valorem taxes, and the denominator of which is the total
amount of principal and interest coming due in that fiscal year on all the
bonded indebtedness of that taxing entity for which the debt tax rate is being
levied. For the purposes of this paragraph, the amount of principal and
interest on the bonded indebtedness of a taxing entity coming due in a fiscal
year for which the debt tax rate is being levied, and the amount of such indebtedness
coming due in a fiscal year to be paid with ad valorem taxes approved by the
voters of that taxing entity on or after November 5, 1996, must be determined
by reference to the approved final budget of that taxing entity which was used
by the Commission to certify the combined tax rate in accordance with NRS 361.4547 , and must not be
adjusted thereafter despite the occurrence of any event that changes the amount
of bonded indebtedness of the taxing entity coming due in that fiscal year to
be paid with ad valorem taxes.
(d) “Post-1996 parcel tax rate increase” means the
remainder obtained by subtracting the post-1996 adjusted parcel tax rate of a
taxing entity applicable to a parcel or other taxable unit of property for the
immediately preceding fiscal year from the post-1996 tax rate of that taxing
entity applicable to that property for the current fiscal year.
(e) “Post-1996 tax rate” means the portion of the
rate of ad valorem taxes of a taxing entity which is equal to the sum obtained
by adding the post-1996 debt tax rate of that taxing entity to the rate of ad
valorem taxes of that taxing entity attributable to a new or increased tax rate
which is approved by the voters of that taxing entity on or after November 5,
1996, as described in paragraph (d) of subsection 1 of NRS 279.676 .
(f) “Property” means property located in a
redevelopment area.
(Added to NAC by Com. on Local Gov’t Finance by R022-08,
4-17-2008, eff. 7-1-2008)