Property Tax Alert: Nevada

April 2008

A new Nevada property tax rule implements the methods for determining the applicability and amount of the partial abatement of property taxes for remainder parcels of property.

A "remainder parcel" is each new parcel that is eligible for the partial abatement in the current year, and "new parcel" is defined as a parcel for which a new or different assessor parcel number has been assigned from the prior year as a result of the division of any previously existing parcel or parcels; the combination of any previously existing parcels; or any change in the configuration of any parcels or of lot size or lot boundaries, by means of a parcel map, subdivision map, certificate of land division, long-term lease, action of any governmental entity or any other means.

New parcels must be separately evaluated to determine whether there has been any change in the use of the property, and a calculation method for the partial abatement is set forth.

Please contact Rash & Associates for more information.