Nev. Rev. Stat. § 361.905 — Duties of State Treasurer and county assessor upon issuance of certificate; payment of taxes; deficiencies

NRS  361.905    Duties of State Treasurer and county assessor upon issuance of
certificate; payment of taxes; deficiencies.
1.  Immediately upon the issuance of a
certificate of allodial title, the State Treasurer shall transmit a copy of the
certificate to the county assessor of the county in which the property is
located.
2.  Upon receipt of such a certificate, the
county assessor shall make a notation on the tax roll and collect no further
taxes from the allodial titleholder for the property, unless the allodial title
is relinquished by the homeowner or his or her heirs.
3.  The county assessor shall, in lieu of
all requirements concerning notification of a taxpayer for the amount due
pursuant to this chapter, notify the State Treasurer of the annual taxes due
based on the date of the certificate of allodial title. The State Treasurer
shall pay the amounts due for taxes pursuant to this chapter, as those amounts
become due, from the Allodial Title Trust Account.
4.  If, at the time a payment becomes due,
the subaccount for the property upon which the taxes are due does not contain
an amount sufficient to make the payment, the State Treasurer shall make up the
deficiency with money from the Allodial Title Subaccount for Stabilization. If
the money in the Allodial Title Subaccount for Stabilization is not sufficient
to make up the deficiency, the State Treasurer shall use all money available in
the subaccount for the property and the Allodial Title Subaccount for
Stabilization, if any, to make a partial payment of the amount due. If no money
is available in either subaccount, the State Treasurer shall notify the county treasurer.
Any deficiency in tax proceeds resulting from the partial or nonpayment of
taxes pursuant to this section must be borne by each of the entities that would
have received the proceeds, including the State, in the same proportion as the
tax rate of the entity bears to the total tax rate for the property.