NRS 361.082 Exemption of portions of certain property used for housing and related facilities for persons with low incomes.

530 words·~2 min read·/nv/chapter-361-property-tax/361-082·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

1. That portion of real property and tangible personal property which is used for housing and related facilities for persons with low incomes is exempt from taxation if, for the year in which the exemption applies, the portion of property:

(a)Qualifies as a low-income unit and is part of a qualified low-income housing project that is financed in part by:

(1)Federal money appropriated pursuant to the HOME Investment Partnerships Act, 42 U.S.C. §§ 12701 et seq.;

(2)The credit or reduction in liability for federal income taxes that is awarded pursuant to section 42 of the Internal Revenue Code, 26 U.S.C. § 42; or

(3)Money from the Account for Affordable Housing created by NRS 319.500 ; or

(b)Meets the affordability requirements pursuant to 24 C.F.R. § 93.302 and is financed in part by federal money appropriated pursuant to section 1338 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, 12 U.S.C. § 4568.

2. The portion of a qualified low-income housing project that is entitled to the property tax exemption pursuant to paragraph

(a)of subsection 1 must be determined by dividing the total assessed value of the housing project and the land upon which it is situated into the assessed value of the low-income units and related facilities that are occupied by or used exclusively for persons with low incomes.

3. The portion of a housing project that is entitled to the property tax exemption pursuant to paragraph

(b)of subsection 1 must be determined by dividing the total assessed value of the housing project and the land upon which it is situated into the assessed value of the units and related facilities that were financed in part by federal money appropriated pursuant to 12 U.S.C. § 4568 and that meet the affordability requirements pursuant to 24 C.F.R. § 93.302.

4. The Nevada Tax Commission shall, by regulation, prescribe a form for an application for the exemption described in subsection 1. After an original application is filed, the county assessor of the county in which the housing project is located may mail a form for the renewal of the exemption to the owner of the housing project each year following a year in which the exemption was allowed for that project.

5. A renewal form returned to a county assessor must indicate the total number of units in the housing project and the number of units used for housing and related facilities for persons with low incomes. If the owner of a housing project fails to provide a properly completed renewal form to the county assessor of the county in which the project is located by the date required in NRS 361.155 , except as otherwise provided in subsection 6 of that section, or fails to qualify for the exemption described in subsection 1, the owner is not entitled to the exemption in the following fiscal year.

6. As used in this section, the terms “low-income unit” and “qualified low-income housing project” have the meanings ascribed to them in 26 U.S.C. § 42.