Nev. Rev. Stat. § 361.4722 — Partial abatement of taxes levied on property for which assessed valuation has been established or on remainder parcel of real property

NRS  361.4722    Partial abatement of taxes levied on property for which assessed
valuation has been established or on remainder parcel of real property.
1.  Except as otherwise provided in or
required to carry out the provisions of subsection 3 and NRS 361.4725 to 361.4729 , inclusive, the owner of any
parcel or other taxable unit of property, including property entered on the
central assessment roll, for which an assessed valuation was separately
established for the immediately preceding fiscal year is entitled to a partial
abatement of the ad valorem taxes levied in a county on that property each
fiscal year equal to the amount by which the product of the combined rate of
all ad valorem taxes levied in that county on the property for that fiscal year
and the amount of the assessed valuation of the property which is taxable in
that county for that fiscal year, excluding any increase in the assessed
valuation of the property from the immediately preceding fiscal year as a
result of any improvement to or change in the actual or authorized use of the
property, exceeds the sum obtained by adding:
(a) The amount of all the ad valorem taxes:
(1) Levied in that county on the property
for the immediately preceding fiscal year; or
(2) Which would have been levied in that
county on the property for the immediately preceding fiscal year if not for any
exemptions from taxation that applied to the property for that prior fiscal
year but do not apply to the property for the current fiscal year,
Ê whichever is
greater; and
(b) A percentage of the amount determined
pursuant to paragraph (a) which is equal to:
(1) The greater of:
(I) The average percentage of change
in the assessed valuation of all the taxable property in the county, as
determined by the Department, over the fiscal year in which the levy is made
and the 9 immediately preceding fiscal years;
(II) Twice the percentage of
increase in the Consumer Price Index for all Urban Consumers, U.S. City Average
(All Items) for the immediately preceding calendar year; or
(III) Zero; or
(2) Eight percent,
Ê whichever is
less.
2.  Except as otherwise provided in or
required to carry out the provisions of NRS
361.4725 to 361.4729 , inclusive,
the owner of any remainder parcel of real property for which no assessed
valuation was separately established for the immediately preceding fiscal year,
is entitled to a partial abatement of the ad valorem taxes levied in a county
on that property for a fiscal year equal to the amount by which the product of
the combined rate of all ad valorem taxes levied in that county on the property
for that fiscal year and the amount of the assessed valuation of the property
which is taxable in that county for that fiscal year, excluding any amount of
that assessed valuation attributable to any improvement to or change in the
actual or authorized use of the property that would not have been included in
the calculation of the assessed valuation of the property for the immediately
preceding fiscal year if an assessed valuation had been separately established
for that property for that prior fiscal year, exceeds the sum obtained by
adding:
(a) The amount of all the ad valorem taxes:
(1) Which would have been levied in that
county on the property for the immediately preceding fiscal year if an assessed
valuation had been separately established for that property for that prior
fiscal year based upon all the assumptions, costs, values, calculations and
other factors and considerations that would have been used for the valuation of
that property for that prior fiscal year; or
(2) Which would have been levied in that
county on the property for the immediately preceding fiscal year if an assessed
valuation had been separately established for that property for that prior
fiscal year based upon all the assumptions, costs, values, calculations and
other factors and considerations that would have been used for the valuation of
that property for that prior fiscal year, and if not for any exemptions from
taxation that applied to the property for that prior fiscal year but do not
apply to the property for the current fiscal year,
Ê whichever is
greater; and
(b) A percentage of the amount determined
pursuant to paragraph (a) which is equal to:
(1) The greater of:
(I) The average percentage of change
in the assessed valuation of all the taxable property in the county, as
determined by the Department, over the fiscal year in which the levy is made
and the 9 immediately preceding fiscal years;
(II) Twice the percentage of
increase in the Consumer Price Index for all Urban Consumers, U.S. City Average
(All Items) for the immediately preceding calendar year; or
(III) Zero; or
(2) Eight percent,
Ê whichever is
less.
3.  The provisions of subsection 1 do not
apply to any property for which the provisions of subsection 1 of NRS 361.4723 or subsection 1 of NRS 361.4724 provide a greater abatement
from taxation.
4.  Except as otherwise required to carry
out the provisions of NRS 361.4732 and
any regulations adopted pursuant to NRS
361.4733 , the amount of any reduction in the ad valorem taxes levied in a
county for a fiscal year as a result of the application of the provisions of
subsections 1 and 2 must be deducted from the amount of ad valorem taxes each
taxing entity would otherwise be entitled to receive for that fiscal year in
the same proportion as the rate of ad valorem taxes levied in the county on the
property by or on behalf of that taxing entity for that fiscal year bears to
the combined rate of all ad valorem taxes levied in the county on the property
by or on behalf of all taxing entities for that fiscal year.
5.  The Nevada Tax Commission shall adopt
such regulations as it deems appropriate to ensure that this section is carried
out in a uniform and equal manner.
6.  For the purposes of this section,
“remainder parcel of real property” means a parcel of real property which
remains after the creation of new parcels of real property for development from
one or more existing parcels of real property, if the use of that remaining
parcel has not changed from the immediately preceding fiscal year.