NAC361A.440. Calculation of deferred tax due when property is converted to higher use.

If a golf course or any portion thereof is converted to a higher use, the county assessor shall calculate the deferred tax due on the real property converted to a higher use on the basis of the difference between:

     1. The taxable value of that property for each pertinent fiscal year as determined in accordance with NAC 361A.390 to 361A.430, inclusive; and

     2. The taxable value of that property for each pertinent fiscal year as determined by adding:

     (a) The applicable amount determined pursuant to subsection 1 of NAC 361A.390; and

     (b) The applicable product determined pursuant to subsection 3 of NAC 361A.400,

Ê except that for the purposes of this subsection, the taxable value of that property must not exceed its full cash value.

     (Added to NAC by Tax Comm’n by R010-07, eff. 10-31-2007)