NAC360.4743. Property tax: Percentage, duration and commencement of abatement; certificate of eligibility.

     1. Except as otherwise provided in NRS 361.0685 or 361.0687, the Commission may not approve a partial abatement pursuant to NRS 361.0685 or 361.0687:

     (a) Of greater percentage of the taxes on real and personal property payable by the business each year pursuant to chapter 361 of NRS than the lesser of:

          (1) Fifty percent; or

          (2) A percentage agreed upon in writing by the business receiving the partial abatement and the governing body of the local government whose tax revenue will be affected by the partial abatement; or

     (b) Of longer duration than the shorter of:

          (1) Ten years; or

          (2) A duration agreed upon in writing by the business receiving the partial abatement and the governing body of the local government whose tax revenue will be affected by the partial abatement.

     2. If the Commission grants a partial abatement pursuant to NRS 361.0685 or 361.0687 during the period beginning on:

     (a) January 1 and ending on June 30 of the same year, the partial abatement begins to apply on the later of:

          (1) July 1 of the same year; or

          (2) A date agreed upon in writing by the business receiving the partial abatement and the governing body of the local government whose tax revenue will be affected by the partial abatement; or

     (b) July 1 and ending on December 31 of the same year, the partial abatement begins to apply on the later of:

          (1) The date on which the Commission grants the partial abatement; or

          (2) A date agreed upon in writing by the business receiving the partial abatement and the governing body of the local government whose tax revenue will be affected by the partial abatement.

     3. If the Commission grants a partial abatement pursuant to NRS 361.0685 or 361.0687, the Commission will immediately forward a certificate of eligibility for the partial abatement that states the percentage and duration of the partial abatement to the county assessor of each county in which real or personal property used in connection with the business will be located.

     (Added to NAC by Comm’n on Econ. Development by R078-02, eff. 7-18-2002)