Nevada Revised Statutes Section 361.915 - Revenue and Taxation

Relinquishment; deletion or addition of allodial titleholder.

1. A homeowner or heir who has inherited the property may relinquish the allodial title to the home at any time and shall relinquish such title:

(a) Upon the sale, lease or other transfer of the property during the lifetime of the last surviving allodial titleholder of the property;

(b) Within 150 days after the date on which the last surviving allodial titleholder no longer occupies the dwelling if an heir has not submitted an application for reestablishment of allodial title pursuant to NRS 361.910; or

(c) At the time the home is converted to anything other than a single-family dwelling occupied by the owner.

2. If the last surviving allodial titleholder, all allodial titleholders of the residence or all heirs are required by subsection 1 or choose to relinquish the allodial title, the State Treasurer must be notified in a written document that is signed by each allodial titleholder or heir and notarized.

3. Upon receipt of a notice to relinquish allodial title, the State Treasurer shall prepare a refund of the unused portion of the money in the Allodial Title Trust Fund that is attributable to the title being relinquished, if any, as required by subsection 4. The unused portion must be calculated by:

(a) Determining the total amount paid by the allodial titleholder into the Allodial Title Trust Fund plus the income and interest actually accrued on that money; and

(b) Subtracting from the amount determined pursuant to paragraph (a):

(1) The amount which was paid out for taxes from the Allodial Title Trust Fund on behalf of the property during the period for which the allodial title was held;

(2) A pro rata share of any expenses incurred by the State Treasurer that are directly and indirectly related to the investment of the money in the Allodial Title Trust Fund and any costs directly and indirectly related to the administration of the allodial title program during the period for which the allodial title was held; and

(3) Any money removed from the account for the property pursuant to subsection 3 of NRS 361.920.

4. If the result of the calculations made pursuant to subsection 3:

(a) Is less than $25, the amount must be credited to the Allodial Title Account for Stabilization.

(b) Is at least $25, but less than $50, $25 must be refunded to the allodial titleholders or heirs and the remaining amount must be credited to the Allodial Title Account for Stabilization.

(c) Is at least $50, $25 must be credited to the Allodial Title Account for Stabilization and the remaining amount must be refunded to the allodial titleholders or heirs.

Ê The State Treasurer is required to prepare only one refund pursuant to this subsection.

5. Immediately upon the acceptance of a notice to relinquish allodial title, the State Treasurer shall transmit a copy of the notice to the county assessor of the county in which the property is located. Upon receipt of such a notice, the county assessor shall make a notation on the tax roll and proceed to collect all future taxes directly from the homeowner.

6. Allodial title may not be relinquished by less than all of the allodial titleholders or heirs of the residence. Application may be made to the county treasurer to delete or add a person as an additional allodial titleholder. The application must be made on a form prescribed by the State Treasurer. The county assessor may require that the application be accompanied by a nonrefundable processing fee of not more than $10. If collected, the fee must be deposited in the county general fund and used to pay any expenses incurred by the county in carrying out the provisions of NRS 361.900 to 361.920, inclusive. The county treasurer shall grant the application if the application is signed by all allodial titleholders of the residence, including the person to be deleted or added.

Last modified: February 27, 2006