Nev. Rev. Stat. § 361.86 — Exemption of certain property used for housing and related facilities for very low-income elderly persons or very low-income persons with disabilities

NRS  361.086    Exemption of certain property used for housing and related
facilities for very low-income elderly persons or very low-income persons with
disabilities.
1.  That portion of real property and
tangible personal property which is used exclusively for housing and related
facilities for very low-income elderly persons or very low-income persons with
disabilities is exempt from taxation if the portion of property:
(a) Was wholly or partially financed by a capital
advance under section 202 of the Housing Act of 1959, as amended, 12 U.S.C. §
1701q, or section 811 of the Cranston–Gonzalez National Affordable Housing Act,
as amended, 42 U.S.C. § 8013; and
(b) The property is owned or operated:
(1) By a nonprofit corporation organized
under the laws of the State of Nevada; or
(2) By a nonprofit corporation organized
under the laws of another state and qualified to do business as a nonprofit
corporation under the laws of the State of Nevada.
2.  The portion of a housing project that
is entitled to the property tax exemption pursuant to 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 are occupied by or used exclusively for very low-income elderly
persons or very low-income persons with disabilities.
3.  As used in this section:
(a) “Elderly person” has the meaning ascribed to
it in 12 U.S.C. § 1701q.
(b) “Person with disabilities” has the meaning
ascribed to it in 42 U.S.C. § 8013.
(c) “Very low-income” has the meaning ascribed to
the term “very low-income families” in 42 U.S.C. § 1437a.