Nev. Rev. Stat. § 361.900 — Application for establishment; calculation of payment required; issuance of certificate; agreement for installment payments

NRS  361.900    Application for establishment; calculation of payment required;
issuance of certificate; agreement for installment payments.
1.  A person who owns and occupies a
single-family dwelling, its appurtenances and the land on which it is located,
free and clear of all encumbrances, except any unpaid assessment for a public
improvement, may, not later than June 13, 2005, apply to the county assessor to
establish allodial title to the dwelling, its appurtenances and the land on
which it is located. One or more persons who own such a home in any form of
joint ownership may, not later than June 13, 2005, apply for the allodial title
jointly if the dwelling is occupied by each person included in the application.
The application must be made on a form prescribed by the State Treasurer. The
county assessor may require that the application be accompanied by a nonrefundable
processing fee of not more than $25. If collected, the fee must be deposited in
the county general fund and used to pay any expenses incurred by the county in
carrying out the provisions of NRS 361.900
to 361.920 , inclusive.
2.  Upon receipt of an application made
pursuant to subsection 1, the county assessor shall transmit the application to
the State Treasurer. The county assessor shall transmit with the application
any additional information required by the State Treasurer.
3.  Upon receipt of an application from a
county assessor, the State Treasurer shall determine the amount of money that
would be required to be paid by the owner of the property to establish allodial
title to the property using a tax rate of $5 for each $100 of assessed
valuation on the date of the application. The amount must be separately
calculated to produce an alternative for payment in a lump sum and an
alternative for the payment of installments over a payment period of not more
than 10 years. The amounts must be calculated to the best ability of the State
Treasurer so that the money paid plus the interest or other income earned on
that money will be adequate to pay all future tax liability of the property for
a period equal to the life expectancy of the youngest titleholder of the
property. The State Treasurer shall make a written record of the calculations
upon which the amount was determined. The record must include an annual
projection of the estimated interest and income that will be earned on the
money.
4.  Upon completion of the calculations
required by subsection 3, the State Treasurer shall notify the requester of the
two amounts.
5.  If the homeowner pays the lump sum
indicated by the State Treasurer pursuant to subsection 4 and submits proof
satisfactory to the State Treasurer that the home is a single-family dwelling
occupied by the homeowner and that the home, its appurtenances and the land on
which it is located are owned free and clear of all encumbrances, except any
unpaid assessment for a public improvement, the State Treasurer shall issue a
certificate of allodial title to the homeowner for the home, its appurtenances
and the land on which it is located that is described in the deed for that
property.
6.  If the homeowner notifies the State
Treasurer that the homeowner wishes to enter into an agreement with the State
of Nevada to establish allodial title to his or her residence by installments,
the State Treasurer shall execute such an agreement on behalf of the State of
Nevada. The agreement must include a provision for rescission of the agreement
by the homeowner at any time before the last payment is made and a guarantee,
upon such a rescission, of a refund of the unused portion of the installment
payments. The unused portion of the installment payments must be calculated by:
(a) Determining the total amount of all
installment payments made before the date of the rescission plus the income and
interest actually accrued on that money; and
(b) Subtracting from the amount determined
pursuant to paragraph (a) a pro rata share of any expenses incurred by the
State Treasurer that are directly and indirectly related to the investment of
the money in the Allodial Title Trust Account and any costs directly and
indirectly related to the administration of the allodial title program during
the period for which the installment payments were made.
7.  The homeowner shall pay the installments
directly to the State Treasurer and shall continue to pay the current property
taxes directly to the county during the period for which the installment
payments are made.
8.  Upon receipt of the last installment
payment, which must reflect any increase or decrease in the assessed valuation
of the property since the date of the application, and submission of proof
satisfactory to the State Treasurer that the home is a single-family dwelling
occupied by the homeowner and that the home, its appurtenances and the land on
which it is located are owned free and clear of all encumbrances, except any
unpaid assessment for a public improvement, the State Treasurer shall issue a
certificate of allodial title to the homeowner for the home, its appurtenances
and the land on which it is located that is described in the deed for that
property.