Nev. Rev. Stat. § 361.4723 — Partial abatement of taxes levied on certain single-family residences; manner of submitting claim for partial abatement

NRS  361.4723    Partial abatement of taxes levied on certain single-family
residences; manner of submitting claim for partial abatement.    The Legislature hereby finds and declares that
an increase in the tax bill of the owner of a home by more than 3 percent over
the tax bill of that homeowner for the previous year constitutes a severe
economic hardship within the meaning of subsection 10 of Section 1 of Article 10 of the Nevada
Constitution. The Legislature therefore directs a partial abatement of taxes
for such homeowners as follows:
1.  Except as otherwise provided in or
required to carry out the provisions of subsection 2 and NRS 361.4725 to 361.4729 , inclusive, the owner of a
single-family residence which is the primary residence of the owner 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) Three percent of the amount determined
pursuant to paragraph (a).
2.  The provisions of subsection 1 do not
apply to any property for which:
(a) No assessed valuation was separately
established for the immediately preceding fiscal year; or
(b) The provisions of subsection 1 of NRS 361.4722 provide a greater abatement
from taxation.
3.  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 subsection 1
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.
4.  The Nevada Tax Commission shall adopt
such regulations as it deems appropriate to carry out this section, including,
without limitation, regulations providing a methodology for applying the
partial abatement provided pursuant to subsection 1 to a parcel of real
property of which only a portion qualifies as a single-family residence which
is the primary residence of the owner and the remainder is used in another
manner.
5.  The owner of a single-family residence
does not become ineligible for the partial abatement provided pursuant to
subsection 1 as a result of:
(a) The operation of a home business out of a
portion of that single-family residence; or
(b) The manner in which title is held by the
owner if the owner occupies the residence, including, without limitation, if
the owner has placed the title in a trust for purposes of estate planning.
6.  A claim for a partial abatement of
property taxes pursuant to this section must be submitted:
(a) On a form provided by the county assessor of
the county in which the property is located in accordance with regulations
adopted by the Nevada Tax Commission; or
(b) If a partial abatement of property taxes
pursuant to this section is claimed on the form for a declaration of value
prescribed by the Nevada Tax Commission pursuant to NRS 375.060 , on the form prescribed by the
Nevada Tax Commission pursuant to NRS
375.060 .
7.  For the purposes of this section:
(a) “Primary residence of the owner” means a
residence which:
(1) Is designated by the owner as the
primary residence of the owner in this State, exclusive of any other residence
of the owner in this State; and
(2) Is not rented, leased or otherwise
made available for exclusive occupancy by any person other than the owner of
the residence and members of the family of the owner of the residence.
(b) “Single-family residence” means a parcel or
other unit of real property or unit of personal property which is intended or
designed to be occupied by one family with facilities for living, sleeping,
cooking and eating.
(c) “Unit of personal property” includes, without
limitation, any:
(1) Mobile or manufactured home, whether
or not the owner thereof also owns the real property upon which it is located;
or
(2) Taxable unit of a condominium,
common-interest community, planned unit development or similar property,
Ê if classified
as personal property for the purposes of this chapter.
(d) “Unit of real property” includes, without
limitation, any taxable unit of a condominium, common-interest community,
planned unit development or similar property, if classified as real property
for the purposes of this chapter.