Nev. Admin. Code § 361.89 — 361.89

NAC 361.089    Portions of qualified low-income housing projects. ( NRS 360.090 , 361.082 )
1.  An owner of property who wishes to
qualify the property for exempt status pursuant to NRS 361.082 must apply to the county
assessor for the exemption not later than June 15 of each year. The application
must be on a form approved by the Commission.
2.  Except as otherwise provided in this
section, an application for the exemption of property pursuant to NRS 361.082 must contain information
showing:
(a) That the property is part of a qualified
low-income housing project funded in part by federal money appropriated
pursuant to 42 U.S.C. §§ 12701 et seq. for the year in which the exemption
applies;
(b) That the property, including related
facilities, has been occupied or used by qualified residents or will be used
exclusively as low-income units as of June 15 of that year; and
(c) The total number of qualifying low-income units
and the number of units rent-restricted and currently occupied by persons
meeting the income limitation applicable under 26 U.S.C. § 42(g)(1).
3.  The following additional documentation
must also be attached to the application:
(a) Documentation showing the property is part of a
qualified low-income housing project, including, without limitation:
(1) A declaration of restrictive covenants;
(2) A letter of verification from the
appropriate housing agency in charge of dispensing federal funds which states
that the project qualifies as a qualified low-income housing project and
includes the type of federal funding granted, the date on which the funding was
granted and the date of expiration of the funding; or
(3) Any other verification of the disbursement
of federal funding and the date of the disbursement.
(b) Documentation showing the election of the
taxpayer to qualify as a low-income housing project under the 20-50 test or the
40-60 test pursuant to 26 U.S.C. § 42(g). Such documentation may include,
without limitation, a copy of that portion of a federal income tax return
claiming the federal tax credit.
(c) For an initial application, a copy of:
(1) The first quarter or annual status report
for the project issued by the appropriate housing agency showing the number of
units, the sizes of the units, the names of the tenants occupying those units,
the sizes of the households living in those units, the actual amount of rent
paid by the tenants of those units, the utility allowance, the annual household
incomes of the tenants of those units and the rental activity for those units;
and
(2) Area median income limits published each
year by the Department of Housing and Urban Development used in the
determination of eligibility for Section 8 subsidized rental housing which are
incorporated in the income limits for the Home Investment Partnerships Program
as of March 31 of the most current year.
4.  Each owner of property who receives an
exemption for low-cost housing shall annually file with the county assessor:
(a) A report that includes the information and
documentation identified in subsections 2 and 3; or
(b) An affidavit providing that information on a
form approved by the Commission.
5.  An owner of property need not include on
his or her renewal form the documentation and information described in
paragraph (a) of subsection 2.
6.  The owner of the property shall maintain
accurate records in support of the information requested.
7.  The county assessor shall disallow claims
for exemption on any unit that:
(a) Is not rent-restricted; or
(b) Is not a part of a qualified low-income housing
project funded in part by federal money appropriated pursuant to 42 U.S.C. §§
12701 et seq. for the year in which the exemption is sought.
8.  Any claim for exemption denied by the
county assessor affecting the taxable value of the property may be appealed to
the county board of equalization in accordance with NRS 361.345 .
9.  As used in this section:
(a) The “20-50 test” means a test that requires 20
percent or more of the residential units in the low-income housing project to
be both rent-restricted and occupied by natural persons whose income is 50
percent or less of the area median gross income.
(b) The “40-60 test” means a test that requires 40
percent or more of the residential units in the low-income housing project to
be both rent-restricted and occupied by natural persons whose income is 60
percent or less of the area median gross income.
(c) “Low-income unit” means any unit in a building
that:
(1) Is rent-restricted pursuant to 26 U.S.C. §
42(g)(2);
(2) Is occupied by persons who meet the income
limitations applicable under the 20-50 test or the 40-60 test, as appropriate;
and
(3) Meets all other applicable exceptions and
limits pursuant to 26 U.S.C. § 42(i)(3).
(d) “Qualified low-income housing project” means
any project for residential rental property meeting the 20-50 test or the 40-60
test, whichever is elected by the taxpayer pursuant to 26 U.S.C. § 42.
(e) “Related facilities” means that part of
qualified low-income housing occupied or used exclusively by persons with low
incomes, including, without limitation, playgrounds, community rooms, the
manager’s office and the low-income unit.
(Added to NAC by Tax Comm’n by R029-03, eff. 12-4-2003)
ASSESSMENTS BY COUNTY ASSESSORS
Determination of Taxable Value of Real Property