Section 361.61038 - Determination of amount of net property taxes attributable to remainder parcel for prior year; appeal of determination1. Except as otherwise provided in subsection 2, the amount of net property taxes attributable to the land area of and any improvements to a remainder parcel for the prior year must be determined as follows: (a) Identify each of the parcels which contained the land area of the remainder parcel in the prior year.(b) Determine the taxable value of each of the parcels identified in paragraph (a) for the prior year.(c) Determine the total amount of taxes levied, or which would have been levied but for any exemptions from taxation, in the prior year on each of the parcels identified in paragraph (a) for the prior year.(d) Calculate the effective tax rate for the remainder parcel for the prior year by dividing the total amount of taxes determined pursuant to paragraph (c) by the total of the taxable values identified pursuant to paragraph (b).(e) Determine the taxable value that the remainder parcel would have had if a taxable value for the remainder parcel had been separately established for the prior year based upon all the assumptions, costs, values, calculations and other factors and considerations that would have been used for the valuation of that property for that prior fiscal year.(f) The amount of net property taxes attributable to the remainder parcel for the prior year is the amount obtained by multiplying the effective tax rate for the remainder parcel calculated pursuant to paragraph (d) by the taxable value of the remainder parcel determined pursuant to paragraph (e).2. The owner of a remainder parcel may appeal to the Nevada Tax Commission pursuant to NRS 361.4734 and any regulations adopted to carry out that section to show that the method prescribed in subsection 1 produces an inequitable result. Pursuant to such an appeal, the Nevada Tax Commission may use an alternative method that provides an equitable result.3. As used in this section, "total amount of taxes levied" means the lower of the total amount of property taxes assessed to a parcel or the total amount of property taxes assessed as the result of a final decision on an appeal, less the amount of any partial abatement of property taxes applied to that parcel pursuant to NRS 361.4722, 361.4723 or 361.4724.Nev. Admin. Code § 361.61038
Added to NAC by Tax Comm'n by R001-07, eff. 3-23-2007; A by R021-17A, eff. 1/30/2019