Nev. Rev. Stat. § 361.82 — Exemption of portions of certain property used for housing and related facilities for persons with low incomes

NRS  361.082    Exemption of portions of certain property used for housing and
related facilities for persons with low incomes.
1.  That portion of real property and
tangible personal property which is used for housing and related facilities for
persons with low incomes is exempt from taxation if, for the year in which the
exemption applies, the portion of property:
(a) Qualifies as a low-income unit and is part of
a qualified low-income housing project that is financed in part by:
(1) Federal money appropriated pursuant to
the HOME Investment Partnerships Act, 42 U.S.C. §§ 12701 et seq.;
(2) The credit or reduction in liability
for federal income taxes that is awarded pursuant to section 42 of the Internal
Revenue Code, 26 U.S.C. § 42; or
(3) Money from the Account for Affordable
Housing created by NRS 319.500 ; or
(b) Meets the affordability requirements pursuant
to 24 C.F.R. § 93.302 and is financed in part by federal money appropriated
pursuant to section 1338 of the Federal Housing Enterprises Financial Safety
and Soundness Act of 1992, 12 U.S.C. § 4568.
2.  The portion of a qualified low-income
housing project that is entitled to the property tax exemption pursuant to
paragraph (a) of subsection 1 must be determined by dividing the total assessed
value of the housing project and the land upon which it is situated into the
assessed value of the low-income units and related facilities that are occupied
by or used exclusively for persons with low incomes.
3.  The portion of a housing project that
is entitled to the property tax exemption pursuant to paragraph (b) of
subsection 1 must be determined by dividing the total assessed value of the
housing project and the land upon which it is situated into the assessed value
of the units and related facilities that were financed in part by federal money
appropriated pursuant to 12 U.S.C. § 4568 and that meet the affordability
requirements pursuant to 24 C.F.R. § 93.302.
4.  The Nevada Tax Commission shall, by
regulation, prescribe a form for an application for the exemption described in
subsection 1. After an original application is filed, the county assessor of
the county in which the housing project is located may mail a form for the
renewal of the exemption to the owner of the housing project each year
following a year in which the exemption was allowed for that project.
5.  A renewal form returned to a county
assessor must indicate the total number of units in the housing project and the
number of units used for housing and related facilities for persons with low
incomes. If the owner of a housing project fails to provide a properly
completed renewal form to the county assessor of the county in which the
project is located by the date required in NRS
361.155 , except as otherwise provided in subsection 6 of that section, or
fails to qualify for the exemption described in subsection 1, the owner is not
entitled to the exemption in the following fiscal year.
6.  As used in this section, the terms
“low-income unit” and “qualified low-income housing project” have the meanings
ascribed to them in 26 U.S.C. § 42.