FRIDAY 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 here.

Scheduled to be introduced Monday and assigned a bill number, the plan’s main provisions are: 

Section 1.  The Legislative finding and declaration.

Section 2.  Amendatory Language to NRS 361 (property tax).

Section 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. 

Section 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.

Section 5.  Allows a taxing entity to increase the property tax rate if needed to satisfy any debt obligations.

Section 6.  Requires additional information to appear on the tax bill.

Section 7.  Creates a Legislative Interim Committee to study the issue of property taxation.

Section 8.  Provides these provisions do not apply to taxes imposed before June 30, 2005.

Section 9.  Provides for severability of provisions if court finds any provision unconstitutional.

Section 10.  Effective Date - "Upon passage and approval".