NRS 361.47285 Calculation of partial abatement when single-family residence is replaced after partial or complete destruction in certain emergencies or disasters.

414 words·~2 min read·/nv/chapter-361-property-tax/361-47285·

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

1. Notwithstanding the provisions of NRS 361.4722 , 361.4723 and 361.4724 , if a single-family residence that is the primary residence of the owner is partially or completely destroyed by a flood, fire, earthquake or other event for which a state of emergency or declaration of disaster was proclaimed by the Governor pursuant to NRS 414.070 and if, pursuant to NRS 361.084 , the owner of the single-family residence is granted an exemption of a portion of the assessed value of the single-family residence, then for the purpose of calculating the amount of any partial abatement to which the owner of the single-family residence is entitled pursuant to NRS 361.4722 , 361.4723 or 361.4724 for the initial fiscal year for which the exemption applies, the amount determined for the immediately preceding fiscal year pursuant to paragraph

(a)of subsection 1 of NRS 361.4722 , paragraph

(a)of subsection 2 of NRS 361.4722 , paragraph

(a)of subsection 1 of NRS 361.4723 or paragraph

(a)of subsection 1 of NRS 361.4724 , as applicable, must be the amount determined for the fiscal year in which the single-family residence was partially or completely destroyed.

2. Notwithstanding the provisions of NRS 361.4722 , 361.4723 and 361.4724 , if, pursuant to NRS 361.084 , the owner of a single-family residence is granted an exemption of a portion of the assessed value of the single-family residence and, after the granting of the exemption, the single-family residence is sold or transferred in a transaction to which the provisions of chapter 375 of NRS apply, then for the purpose of calculating the amount of any partial abatement to which the owner of the single-family residence is entitled pursuant to NRS 361.4722 , 361.4723 or 361.4724 for the first fiscal year immediately following the sale or transfer of the single-family residence, the owner is entitled only to a partial abatement from taxation provided pursuant to NRS 361.4722 , 361.4723 or 361.4724 in an amount equal to the amount of such a partial abatement to which the owner would have been entitled if the exemption were not granted and the provisions of subsection 1 were not applied.

3. As used in this section:

(a)“Primary residence of the owner” has the meaning ascribed to it in NRS 361.4723 .

(b)“Single-family residence” has the meaning ascribed to it in NRS 361.4723 .