Nev. Rev. Stat. § 361.84 — Exemption of single-family residence that replaces single-family residence partially or completely destroyed in certain emergencies or disasters

NRS  361.084    Exemption of single-family residence that replaces single-family
residence partially or completely destroyed in certain emergencies or
disasters.
1.  Except as otherwise provided in this
subsection, an owner of a single-family residence that is the primary residence
of the owner and is a replacement for a single-family residence partially or
completely destroyed by a flood, fire, earthquake or other event for which a
state of emergency or declaration of disaster was proclaimed by the Governor
pursuant to NRS 414.070 on or after July
1, 2012, may apply to the county assessor for an exemption of a portion of the
assessed value of the single-family residence. An owner of a single-family
residence may not apply for an exemption pursuant to this section on or after
July 1, 2047.
2.  The county assessor shall approve an
application submitted pursuant to subsection 1 and grant an exemption of a
portion of the assessed value of the single-family residence specified in the
application if the application is submitted before July 1, 2047, and the county
assessor determines that each of the following criteria are satisfied:
(a) The single-family residence is occupied by
the primary owner of the residence.
(b) The single-family residence is a replacement
for a single-family residence that:
(1) Is located in an area in which
occurred a flood, fire, earthquake or other event for which a state of
emergency or declaration of disaster was proclaimed by the Governor pursuant to
NRS 414.070 on or after July 1, 2012,
and was partially or completely destroyed as a direct result of the flood,
fire, earthquake or other event for which the state of emergency or declaration
of disaster was proclaimed; and
(2) Is located on the same parcel of real
property as the single-family residence that was partially or completely
destroyed.
(c) The parcel of real property on which was
located the single-family residence which was partially or completely destroyed
has not been sold or transferred in a transaction to which the provisions of chapter 375 of NRS apply at any time after the
flood, fire, earthquake or other event occurred.
(d) Except as otherwise provided in this
paragraph, a building permit for the single-family residence was issued or, if
the local government in which the single-family residence is located does not
issue building permits, construction on the single-family residence is
commenced, not later than 3 years after the partial or complete destruction of
the previous single-family residence. The county assessor may approve an
extension of the 3-year period required by this paragraph for a period of not
more than 3 additional years if the owner is not able to begin construction or
obtain a building permit because of circumstances beyond the control of the
owner that are related to the event that caused the partial or complete
destruction of the single-family residence.
(e) The floor area of the single-family residence
does not exceed 110 percent of the floor area of the single-family residence
that was partially or completely destroyed.
3.  If the county assessor approves an
application submitted pursuant to subsection 1, the amount of the exemption
must equal the difference between the assessed value of the single-family
residence for which the application was granted, as determined pursuant to NRS 361.225 and 361.227 , and the assessed value that the
single-family residence would have had if the single-family residence were
deemed not to be a new improvement.
4.  If, between July 1 and June 15, the
county assessor approves an application submitted pursuant to subsection 1, the
owner of the single-family residence is entitled to an exemption of a portion
of the assessed value of the single-family residence in the amount determined
pursuant to subsection 3 beginning on July 1 of the next fiscal year and the
owner of the single-family residence is not entitled to a refund of any taxes
paid before that date.
5.  If, after June 15 but on or before June
30, the county assessor approves an application submitted pursuant to
subsection 1, the owner of the single-family residence is entitled to an
exemption of a portion of the assessed value of the single-family residence in
the amount determined pursuant to subsection 3 beginning on July 1 of the
fiscal year immediately following the next fiscal year and the owner of the
single-family residence is not entitled to a refund of any taxes paid before
that date.
6.  If a single-family residence for which
an exemption of a portion of the assessed value of the single-family residence
is granted pursuant to this section is sold or transferred in a transaction to
which the provisions of chapter 375 of NRS
apply:
(a) The exemption of a portion of the assessed
value of the single-family residence must no longer be applied to the
single-family residence; and
(b) In determining the taxable value of the
single-family residence for any fiscal year following the sale, the
single-family residence must be considered a new improvement as of the date on
which the single-family residence was completed.
7.  As used in this section:
(a) “Primary residence of the owner” has the
meaning ascribed to it in NRS 361.4723 .
(b) “Single-family residence” has the meaning
ascribed to it in NRS 361.4723 .