Nev. Rev. Stat. § 361.767 — Assessment of personal property that was not assessed or was underassessed

NRS  361.767    Assessment of personal property that was not assessed or was
underassessed.
1.  If the county assessor determines that
certain personal property was not assessed, the assessor may assess the
property based upon its taxable value in the year in which it was not assessed.
2.  If the county assessor determines that
certain personal property was underassessed because it was incorrectly reported
by the owner, the assessor may assess the property based upon its taxable value
in the year in which it was underassessed. He or she may then send an
additional tax bill for an amount which represents the difference between the
reported value and the taxable value for each year.
3.  The assessments provided for in
subsections 1 and 2 may be made at any time within 3 years after the end of the
fiscal year in which the taxes would have been due. The tax bill must specify
the fiscal year for which the tax is due and the applicable rate and whether it
is for property which was not assessed or for property which was underassessed.
4.  If property is not assessed or is
underassessed because the owner submitted an incorrect written statement or failed
to submit a written statement required pursuant to subsection 1 of NRS 361.265 , there must be added to the
taxes due a penalty in the amount of 20 percent of the tax for each year the property
was not assessed or was underassessed. The county assessor may waive this
penalty if he or she finds extenuating circumstances sufficient to justify the
waiver.