NRS 361.505 Migratory property: Definition; placement on unsecured tax roll; proration of tax.

296 words·~1 min read·/nv/chapter-361-property-tax/361-505·

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

1. As used in NRS 361.505 to 361.5607 , inclusive, “migratory property” means any movable personal property which the county assessor expects will not remain in the county for a full fiscal year.

2. Each county assessor, when he or she assesses the migratory property of any person liable to taxation, shall place it on the unsecured tax roll.

3. The county assessor shall prorate the tax on migratory property brought into or entering the State or county for the first time during the fiscal year by reducing the tax one-twelfth for each full month which has elapsed since the beginning of the fiscal year. Where such property is owned by a person who does own real estate in the county of sufficient value in the county assessor’s judgment to pay the taxes on both the real and personal property of the person, the tax on the personal property for the fiscal year in which the property was moved into the State or county, prorated, may be collected all at once or by installments as permitted by NRS 361.483 for property assessed upon the real property tax roll.

The tax on personal property first assessed in May or June may be added to the tax on that property for the ensuing fiscal year and collected concurrently with it.

4. The person who pays such taxes is not thereby deprived of his or her right to have the assessment equalized, and if, upon equalization, the value is reduced, the taxes paid must be refunded to that person from the county treasury, upon the order of the county board of equalization or State Board of Equalization in proportion to the reduction of the value made.