tax plan paints target on back of Nevada business
Seeks split roll, abridges ‘uniform and equal’ provision
MORNING, at a joint hearing, the Assembly Growth and
Infrastructure and the Senate Taxation Committees
introduced the draft bill for property tax relief.
You can download a copy of the bill draft
Scheduled to be introduced Monday and assigned a bill
number, the plan’s main provisions are:
1. The Legislative finding and declaration.
2. Amendatory Language to NRS 361 (property tax).
3. Establishes a severe economic hardship to the owner
occupied single family residence to be an increase in
the tax bill greater than 3% over the prior year tax
bill. Provides the formula for calculating the increase
and limits the increase in property tax revenue to 3% if
there have been no increases attributable to
improvements or changes to the use of the property.
Requires the Tax Commission to adopt regulations to
carry out provisions and provides various definitions.
4. Establishes the formula by which the tax is
increased for all other property not eligible for the
relief provided in Section 3. Also, requires the Tax
Commission to adopt regulations to carry out provisions
and provides various definitions.
5. Allows a taxing entity to increase the property tax
rate if needed to satisfy any debt obligations.
6. Requires additional information to appear on the tax
7. Creates a Legislative Interim Committee to study the
issue of property taxation.
8. Provides these provisions do not apply to taxes
imposed before June 30, 2005.
9. Provides for severability of provisions if court
finds any provision unconstitutional.
10. Effective Date - "Upon passage and approval".
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