Nev. Rev. Stat. § 361.4733 — Adoption of regulations by Committee on Local Government Finance

NRS  361.4733    Adoption of regulations by Committee on Local Government
Finance.
1.  The Committee on Local Government
Finance shall adopt:
(a) Such regulations as it determines to be appropriate
to provide for the allocation among the appropriate taxing entities of the
amount of any reduction in the ad valorem taxes levied on a parcel or other
taxable unit of real property as a result of the application of NRS 361.4722 , 361.4723 and 361.4724 , in accordance with the
principles that:
(1) Any reduction in the ad valorem taxes
levied on a parcel or other taxable unit of real property as a result of the
application of NRS 361.4722 , 361.4723 and 361.4724 which is caused by an increase in
the rate of taxes imposed by one or more taxing entities should be allocated to
the taxing entities that would have received the benefit of that increase in
proportion to the relative amount of benefit that otherwise would have been
received from that increase;
(2) Any increase in the rate of ad valorem
taxes imposed by a taxing entity should not affect the amount of ad valorem
taxes received by other taxing entities, except for redevelopment agencies and
tax increment areas whose property tax receipts depend on the tax rate of the
taxing entity that increases its rate of taxes and whose territory is included,
in whole or in part, in the territory of the taxing entity that increases its
rate of taxes; and
(3) A taxing entity that does not increase
its rate of ad valorem taxes should not be allocated any reduction in the ad
valorem taxes levied on a parcel or other taxable unit of real property as a
result of the application of NRS 361.4722 ,
361.4723 and 361.4724 , except for any reduction caused
by an increase in the assessed value of that parcel or other taxable unit of
real property; and
(b) Subject to the principles set forth in
paragraph (a):
(1) Such regulations as it determines to
be appropriate for the administration and interpretation of the provisions of NRS 361.4732 ; and
(2) Regulations which provide
methodologies for allocating among the appropriate taxing entities the amount
of any reduction in the ad valorem taxes levied on a parcel or other taxable
unit of real property as a result of the application of NRS 361.4722 , 361.4723 and 361.4724 if the property is included in or
excluded from the boundaries of a redevelopment area, tax increment area or
taxing entity after June 14, 2005.
2.  Any regulations adopted by the
Committee on Local Government Finance pursuant to this section must be adopted
in the manner prescribed for state agencies in chapter
233B of NRS.