Period for assessment of deferred tax; penalty for failure of owner to provide assessor with required notice.
1. If the county assessor determines that the deferred tax for any fiscal year or years was not assessed in the year it became due, he may assess it anytime within 5 fiscal years after the end of the fiscal year in which a parcel or portion of a parcel was converted to a higher use.
2. If the county assessor determines that a parcel was assessed for agricultural use rather than at full taxable value for any fiscal year in which it did not qualify for agricultural assessment, he may assess the deferred tax for that year anytime within 5 years after the end of that fiscal year.
3. A penalty equal to 20 percent of the total accumulated deferred tax described in subsections 1 and 2 must be added for each of the years in which the owner failed to provide the written notice required by NRS 361A.270. The county assessor may waive this penalty if he finds extenuating circumstances sufficient to justify the waiver.
Last modified: February 27, 2006