Report of new construction by business; apportionment of value of new construction by Department; valuation for assessment purposes; supplemental tax bill; payment and apportionment of taxes.
1. Any business which owns, manages or operates property that is assessed pursuant to NRS 361.320 shall, on or before the first Monday in September of each year, submit to the Department a report of any construction which represents a net addition to its property as distinguished from an addition of property exempt from taxation, a replacement or repair:
(a) During the period from July 1 to December 31 of the preceding fiscal year; and
(b) During the period from January 1 to June 30 of the preceding fiscal year.
2. At the regular session of the Nevada Tax Commission commencing on the first Monday in October of each year, the Nevada Tax Commission shall establish the valuation of, for assessment purposes:
(a) The property reported pursuant to paragraph (b) of subsection 1, and enter that valuation on the central assessment roll pursuant to NRS 361.3205 for the next fiscal year; and
(b) The property reported pursuant to paragraphs (a) and (b) of subsection 1 for supplemental tax bills for the current fiscal year.
3. The Department shall mail a supplemental tax bill to each person reporting construction pursuant to subsection 1 by November 1 of each year. The bills must be mailed pursuant to subsection 2 of NRS 361.3205.
4. Taxes assessed pursuant to paragraph (b) of subsection 2 must be paid to the Department by December 15 of each year. Upon receipt, the Department shall apportion and promptly remit all taxes due each county.
5. The county assessor of each county shall not assess property assessed pursuant to this section.
Last modified: February 27, 2006