Nev. Admin. Code § 361.819 — 361.819

NAC 361.819    Distribution of ad valorem taxes collected on property located in
tax increment area and for which parcel effective incremental value is greater
than zero. ( NRS
361.4733 )
1.  Except as otherwise provided in
subsection 2, NAC 361.821 and
subsections 4 and 5 of NRS 278C.250 ,
the ad valorem taxes collected on a parcel or other taxable unit of property
which is located in a tax increment 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 subparagraph (1) of paragraph (a) of subsection
1 of NRS 278C.250 in proportion
to their respective entity-adjusted parcel tax rates;
(b) The amount of taxes determined by multiplying
the combined overlapping debt and override adjusted parcel tax rate by the
parcel effective incremental value applicable to that property must be
distributed to the entities described in paragraphs (a), (b) and (c) of
subsection 6 of NRS 278C.250 in
proportion to their respective debt and override adjusted parcel tax rates;
(c) The amount of taxes determined by multiplying
the tax rate specified in subsection 1 of NRS 387.195 by the parcel effective
incremental value applicable to that property must be distributed as provided
in paragraph (d) of subsection 6 of NRS
278C.250 ;
(d) After deducting the amount of taxes required to
be distributed pursuant to paragraphs (a), (b) and (c), any remaining amount
which does not exceed the combined total amount required for annual debt
service on any bonds that have been issued by the entity that created that tax
increment area and regarding which any revenues of that tax increment area have
been pledged, must be distributed to that entity as provided in subparagraph
(2) of paragraph (a) of subsection 1 and subsection 2 of NRS 278C.250 ; and
(e) After deducting the amount of taxes required to
be distributed pursuant to paragraphs (a) to (d), inclusive, any remaining
amount must be distributed:
(1) Except as otherwise provided in
subparagraph (2), to the taxing entities that impose a nonschool, nondebt and
nonoverride adjusted parcel tax rate in proportion to their respective
nonschool, nondebt and nonoverride adjusted parcel tax rates as provided in
subsection 3 of NRS 278C.250 ;
or
(2) If the taxes are collected on property
located in a tax increment area created pursuant to NRS 278C.155 , to the entity that
created the tax increment area.
2.  Paragraph (c) of subsection 1 does not
apply to any taxes levied on property located in a tax increment area created
pursuant to NRS 278C.155 .
3.  For the purposes of this section:
(a) “Combined overlapping debt and override
adjusted parcel tax rate” means the sum of all the debt and override 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) “Debt and override adjusted parcel tax rate”
means:
(1) For the fiscal year beginning on July 1,
2004, the debt and override 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 debt and override 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 debt and override 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) “Debt and override parcel tax rate increase”
means the remainder obtained by subtracting the debt and override 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 debt and
override tax rate of that taxing entity applicable to that property for the
current fiscal year.
(d) “Debt and override 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:
(1) The debt tax rate of that taxing entity
which is levied to pay any bonded indebtedness approved by a majority of the
registered voters within the area of that taxing entity voting upon the
question;
(2) The portion of the rate of ad valorem
taxes of that taxing entity attributable to any increase in that rate since the
creation of the tax increment area which was approved by a majority of the
registered voters within the area of that taxing entity voting upon the
question; and
(3) The portion of the rate of ad valorem
taxes of that taxing entity which is levied pursuant to NRS 387.3285 or 387.3287 , and which was approved by
a majority of the registered voters within the area of that taxing entity
voting upon the question,
Ê as
respectively described in paragraphs (a), (b) and (c) of subsection 6 of NRS 278C.250 .
(e) “Nonschool, nondebt and nonoverride adjusted
parcel tax rate” means the remainder obtained by subtracting from the
entity-adjusted parcel tax rate of a taxing entity applicable to a parcel or
other taxable unit of property:
(1) If included in that entity-adjusted parcel
tax rate, the tax rate mandated by subsection 1 of NRS 387.195 ; and
(2) The debt and override adjusted parcel tax
rate of that taxing entity applicable to that property.
(f) “Property” means property located in a tax
increment area.
(Added to NAC by Com. on Local Gov’t Finance by R022-08,
4-17-2008, eff. 7-1-2008)