NAC361.61038. Determination of amount of net property taxes attributable to remainder parcel for prior year; appeal of determination.

     1. 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 pro rata percentage that the remainder parcel’s land and improvements contributed to the assessed value of each of the parcels identified in paragraph (a) for the prior year.

     (c) Multiply the percentage determined in paragraph (b) for each of the parcels identified in paragraph (a) by the total amount of taxes levied, or which would have been levied but for any exemptions from taxation, in the prior year on that parcel.

     (d) The amount of net property taxes attributable to the remainder parcel for the prior year is the sum of the products determined pursuant to paragraph (c) for each of the parcels identified in paragraph (a).

     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.

     (Added to NAC by Tax Comm’n by R001-07, eff. 3-23-2007)