Nev. Admin. Code § 361A.240 — 361A.240

NAC 361A.240    Calculation of deferred tax when property is converted. ( NRS 360.090 , 360.250 ,
361A.155 , 361A.280 )    To
calculate the amount of deferred tax that must be assessed when property is
converted to a higher use:
1.  The county assessor must determine what
the taxable value of the property would have been pursuant to the provisions of
this chapter and NRS 361.227 for
the fiscal year in which the conversion took place and for the 6 previous
fiscal years. The value of the land must be established based on the taxable
value of comparable property for the 6 previous fiscal years.
2.  Using the taxable value so derived, the
amount of taxes for each fiscal year in which taxes would have been due and
payable must then be calculated. The tax rate to be applied to the assessed
value must be the rate used in the year for which the taxable value is
established.
3.  The amount of taxes paid or payable based
on the agricultural use assessment must then be subtracted from the amount of
taxes calculated pursuant to subsection 2. The resulting difference is the
amount of deferred tax which must be added on the next property tax statement
pursuant to NRS 361A.280 if the
deferred tax has not already been paid.
(Added to NAC by Tax Comm’n by R030-03, eff. 12-4-2003)
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