Nev. Rev. Stat. § 361A.280 — Payment of deferred tax when property converted to higher use

If the county assessor is notified or
otherwise becomes aware that a parcel or any portion of a parcel of real
property which has received agricultural or open-space use assessment has been
converted to a higher use, the county assessor shall add to the tax extended
against that portion of the property on the next property tax statement the
deferred tax, which is the difference between the taxes that would have been
paid or payable on the basis of the agricultural or open-space use valuation
and the taxes which would have been paid or payable on the basis of the taxable
value calculated pursuant to NRS 361A.277
for each year in which agricultural or open-space use assessment was in effect
for the property during the fiscal year in which the property ceased to be used
exclusively for agricultural use or approved open-space use and the preceding 6
fiscal years. The county assessor shall assess the property pursuant to NRS 361.227 for the next fiscal year
following the date of conversion to a higher use.