Nev. Admin. Code § 361A.440 — 361A.440

NAC 361A.440    Calculation of deferred tax due when property is converted to
higher use. ( NRS
360.090 , 360.250 , 361A.225 ,
361A.280 )    If a
golf course or any portion thereof is converted to a higher use, the county
assessor shall calculate the deferred tax due on the real property converted to
a higher use on the basis of the difference between:
1.  The taxable value of that property for
each pertinent fiscal year as determined in accordance with NAC 361A.390 to 361A.430 , inclusive; and
2.  The taxable value of that property for
each pertinent fiscal year as determined by adding:
(a) The applicable amount determined pursuant to
subsection 1 of NAC 361A.390 ; and
(b) The applicable product determined pursuant to
subsection 3 of NAC 361A.400 ,
Ê except that
for the purposes of this subsection, the taxable value of that property must
not exceed its full cash value.
(Added to NAC by Tax Comm’n by R010-07, eff. 10-31-2007)