Nev. Rev. Stat. § 361A.283 — Period for assessment of deferred tax; penalty for failure of owner to provide assessor with required notice

NRS  361A.283    Period for assessment of deferred tax; penalty for failure of
owner to provide assessor with required notice.
1.  If the county assessor determines that
the deferred tax for any fiscal year or years was not assessed in the year it
became due, he or she may assess it anytime within 5 fiscal years after the end
of the fiscal year in which a parcel or portion of a parcel was converted to a
higher use.
2.  If the county assessor determines that
a parcel was assessed for agricultural or open-space use rather than at full
taxable value for any fiscal year in which it did not qualify for agricultural
or open-space assessment, he or she may assess the deferred tax for that year
anytime within 5 years after the end of that fiscal year.
3.  A penalty equal to 20 percent of the
total accumulated deferred tax described in subsections 1 and 2 must be added
for each of the years in which the owner failed to provide the written notice
required by NRS 361A.270 . The county
assessor may waive this penalty if he or she finds extenuating circumstances
sufficient to justify the waiver.