Nev. Rev. Stat. § 360.695 — Adjustment of allocation to local government or special district after decrease in population and assessed valuation of taxable property

NRS  360.695    Adjustment of allocation to local government or special district
after decrease in population and assessed valuation of taxable property.
1.  If the population and assessed
valuation of the taxable property, except any assessed valuation attributable
to the net proceeds of minerals, within a local government or special district
has decreased in each of the 3 fiscal years immediately preceding the current
fiscal year, the Executive Director shall review the amount allocated to the
local government or special district from the Account pursuant to NRS 360.680 , to determine whether to adjust
the allocation. The local government or special district may submit information
to assist the Executive Director in making a determination. If the Executive
Director determines that an adjustment to the allocation of the local
government or special district is necessary, the Executive Director shall
submit his or her findings on the matter to the Committee on Local Government
Finance.
2.  The Committee on Local Government
Finance shall review the findings submitted by the Executive Director pursuant
to subsection 1. If the Committee determines that an adjustment to the amount
allocated to the local government or special district pursuant to NRS 360.680 is appropriate, the Committee
shall submit a recommendation to the Nevada Tax Commission that sets forth the
amount of the recommended adjustment. If the Committee determines that the
adjustment is not appropriate, that decision is not subject to review by the
Nevada Tax Commission.
3.  The Nevada Tax Commission shall
schedule a public hearing within 30 days after the Committee on Local
Government Finance submits its recommendation. The Nevada Tax Commission shall
provide public notice of the hearing at least 10 days before the date on which
the hearing will be held. The Executive Director shall provide copies of all
documents relevant to the adjustment recommended by the Committee on Local
Government Finance to the governing body of each local government and special
district that is located in the same county as the local government or special
district that is subject to the recommended adjustment.
4.  If, after the public hearing, the
Nevada Tax Commission determines that the recommended adjustment is
appropriate, it shall order the Executive Director to adjust the amount
allocated to the local government or special district pursuant to NRS 360.680 .