NAC350.220. Approval of request of municipality to reserve percentage of remaining allowable increase of property taxes for future use.

If a commission approves the request of a municipality to reserve a percentage of the remaining allowable increase of property taxes for use in the future pursuant to subsection 7 of NRS 350.0135:

     1. The commission may limit the amount of time that such a percentage may be reserved by the municipality.

     2. Before March 15 of the current fiscal year, the commission may express the amount of the reservation of the remaining allowable increase of property taxes as a percentage of:

     (a) The rate of property taxes allowable pursuant to NRS 354.59811 for the current fiscal year; or

     (b) The rate of property taxes for the current fiscal year as certified by the Nevada Tax Commission pursuant to NRS 361.4547.

     3. After March 15 of the current fiscal year, the commission shall express the amount of the reservation of the remaining allowable increase of property taxes as a percentage of the rate of property taxes allowable pursuant to NRS 354.59811 for the following fiscal year.

     4. Based on the percentage determined pursuant to subsection 2 or 3, as applicable, the commission shall express the amount of the reservation as a limitation on the number of cents which may be levied.

     (Added to NAC by Com. on Local Gov’t Finance by R030-05, eff. 5-4-2006)