Nev. Rev. Stat. § 361.4725 — Exemption from partial abatements following certain fluctuations in taxable value of property

NRS  361.4725    Exemption from partial abatements following certain fluctuations
in taxable value of property.
1.  Except as otherwise provided in this
section and notwithstanding the provisions of NRS 361.4722 , 361.4723 and 361.4724 , if the taxable value of any
parcel or other taxable unit of property:
(a) Decreases by 15 percent or more from its
taxable value on:
(1) July 1, 2003; or
(2) July 1 of the second year immediately
preceding the lien date for the current year,
Ê whichever is
later; and
(b) For any fiscal year beginning on or after
July 1, 2005, increases by 15 percent or more from its taxable value for the
immediately preceding fiscal year,
Ê the amount
of any ad valorem taxes levied in a county which, if not for the provisions of NRS 361.4722 , 361.4723 and 361.4724 , would otherwise have been
collected for the property for that fiscal year as a result of that increase in
taxable value, excluding any amount attributable to any increase in the taxable
value of the property above the taxable value of the property on the most
recent date determined pursuant to paragraph (a), must be levied on the property
and carried forward each fiscal year, without any penalty or interest, in such
a manner that one-third of that amount may be collected during that fiscal year
and each of the succeeding 2 fiscal years.
2.  If the total amount otherwise required
to be collected during a fiscal year and each of the succeeding 2 fiscal years
pursuant to subsection 1 for a parcel or other taxable unit of property is less
than or equal to $100, the entire amount may be levied on the property and
collected during that initial fiscal year.
3.  The Nevada Tax Commission may exempt
from the requirements of this section the levy of any taxes in an amount which
is less than the cost of collecting those taxes.
4.  The amount of any taxes levied on any
property pursuant to this section must be added to the amount of ad valorem
taxes each taxing entity would otherwise be entitled to receive for a 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.