Nev. Rev. Stat. § 361.4724 — Partial abatement of taxes levied on certain residential rental dwellings; manner of submitting claim for partial abatement

NRS  361.4724    Partial abatement of taxes levied on certain residential rental
dwellings; manner of submitting claim for partial abatement.    The Legislature hereby finds and declares that
many Nevadans who cannot afford to own their own homes would be adversely
affected by large unanticipated increases in property taxes, as those tax
increases are passed down to renters in the form of rent increases and
therefore the benefits of a charitable exemption pursuant to subsection 8 of Section 1 of Article 10 of the Nevada
Constitution should be afforded to those Nevadans through an abatement granted
to the owners of residential rental dwellings who charge rent that does not
exceed affordable housing standards for low-income housing. The Legislature
therefore directs a partial abatement of taxes for such owners 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, if the amount of rent
collected from each of the tenants of a residential dwelling does not exceed
the fair market rent for the county in which the dwelling is located, as most
recently published by the United States Department of Housing and Urban
Development, the owner of the dwelling is entitled to a partial abatement of
the ad valorem taxes levied in a county on that property for 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:
(a) Any hotels, motels or other forms of
transient lodging;
(b) Any property for which no assessed valuation
was separately established for the immediately preceding fiscal year; and
(c) Any property for which 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.  A claim for a partial abatement of
property taxes pursuant to this section must be submitted:
(a) In the manner prescribed by 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 .
5.  The Nevada Tax Commission shall adopt
such regulations as it deems appropriate to carry out this section.