NAC361.6085. Calculation of amount of abatement: Property which escaped taxation; effect of adjustment to valuation of property to correct certain errors.

For the purposes of NRS 361.4722, 361.4723 and 361.4724:

     1. If any property is found pursuant to NRS 361.325, 361.767 or 361.769 to have partially or entirely escaped taxation for a fiscal year:

     (a) The property shall be deemed to be property for which no assessed valuation was separately established for the fiscal year immediately preceding that fiscal year; and

     (b) Any general abatement, primary residential abatement or residential rental abatement for which the property is eligible for each fiscal year following the fiscal year for which the property escaped taxation must be calculated as if the property had been on the tax roll for the fiscal year for which the property escaped taxation.

     2. If the valuation of any property is adjusted pursuant to NRS 361.765 or 361.768 to correct a clerical, typographical, mathematical or factual error, any general abatement, primary residential abatement or residential rental abatement for which the property is eligible for each fiscal year following the fiscal year for which that correction of the valuation of the property is made must be calculated and, if necessary, adjusted in conformity with the correct valuation of the property.

     (Added to NAC by Tax Comm’n by R011-06, eff. 5-4-2006)