NRS 361.4729 Calculation of partial abatement when taxable value of real property is reduced because of destruction, removal or overassessment of improvement.
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NRS 361.4729 Calculation of partial abatement when taxable value of real property is reduced because of destruction, removal or overassessment of improvement. If the taxable value of an improvement to real property is reduced as a result of:
1. The partial or complete destruction or removal of the improvement; or
2. The correction pursuant to NRS 361.768 of an overassessment of the improvement because of a factual error,
Ê then for the purpose of calculating the amount of any partial abatement to which the owner of the real property is entitled pursuant to NRS 361.4722 , 361.4723 or 361.4724 for the initial fiscal year for which that reduction in taxable value 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 reduced by the same percentage as the taxable value of the real property is reduced for that initial fiscal year as a result of the partial or complete destruction or removal of the improvement to the property or the correction of the overassessment of the improvement to the property.