Imposition of additional tax; rate and collection of tax; disposition of proceeds; reimbursement for cost of collection.
1. In addition to all other taxes imposed on transfers of real property, a tax, at the rate of $1.30 on each $500 of value or fraction thereof, is hereby imposed on each deed by which any lands, tenements or other realty is granted, assigned, transferred or otherwise conveyed to, or vested in, another person, if the consideration or value of the interest or property conveyed exceeds $100.
2. The amount of the tax must be computed on the basis of the value of the transferred property as declared pursuant to NRS 375.060.
3. The county recorder of each county shall collect the tax in the manner provided in NRS 375.030, except that the amount collected must be transmitted to the State Controller for deposit in the State General Fund within 30 days after the end of the calendar quarter during which the tax was collected.
4. The county recorder of a county:
(a) Whose population is 100,000 or more may deduct and withhold from the taxes collected 0.2 percent of those taxes to reimburse the county for the cost of collecting the tax.
(b) Whose population is less than 100,000 may deduct and withhold from the taxes collected 1 percent of those taxes to reimburse the county for the cost of collecting the tax.
Last modified: February 27, 2006