2023 Nevada Revised Statutes › Chapter 361 - Property Tax › NRS 361.084 - Exemption of single-family residence that replaces single-family residence partially or completely destroyed in certain emergencies or disasters.

1. Except as otherwise provided in this subsection, an owner of a single-family residence that is the primary residence of the owner and is a replacement for a single-family residence partially or completely destroyed by a flood, fire, earthquake or other event for which a state of emergency or declaration of disaster was proclaimed by the Governor pursuant to NRS 414.070 on or after July 1, 2012, may apply to the county assessor for an exemption of a portion of the assessed value of the single-family residence. An owner of a single-family residence may not apply for an exemption pursuant to this section on or after July 1, 2047.
2. The county assessor shall approve an application submitted pursuant to subsection 1 and grant an exemption of a portion of the assessed value of the single-family residence specified in the application if the application is submitted before July 1, 2047, and the county assessor determines that each of the following criteria are satisfied:
(a) The single-family residence is occupied by the primary owner of the residence.
(b) The single-family residence is a replacement for a single-family residence that:
(1) Is located in an area in which occurred a flood, fire, earthquake or other event for which a state of emergency or declaration of disaster was proclaimed by the Governor pursuant to NRS 414.070 on or after July 1, 2012, and was partially or completely destroyed as a direct result of the flood, fire, earthquake or other event for which the state of emergency or declaration of disaster was proclaimed; and
(2) Is located on the same parcel of real property as the single-family residence that was partially or completely destroyed.
(c) The parcel of real property on which was located the single-family residence which was partially or completely destroyed has not been sold or transferred in a transaction to which the provisions of chapter 375 of NRS apply at any time after the flood, fire, earthquake or other event occurred.
(d) Except as otherwise provided in this paragraph, a building permit for the single-family residence was issued or, if the local government in which the single-family residence is located does not issue building permits, construction on the single-family residence is commenced, not later than 3 years after the partial or complete destruction of the previous single-family residence. The county assessor may approve an extension of the 3-year period required by this paragraph for a period of not more than 3 additional years if the owner is not able to begin construction or obtain a building permit because of circumstances beyond the control of the owner that are related to the event that caused the partial or complete destruction of the single-family residence.
(e) The floor area of the single-family residence does not exceed 110 percent of the floor area of the single-family residence that was partially or completely destroyed.
3. If the county assessor approves an application submitted pursuant to subsection 1, the amount of the exemption must equal the difference between the assessed value of the single-family residence for which the application was granted, as determined pursuant to NRS 361.225 and 361.227, and the assessed value that the single-family residence would have had if the single-family residence were deemed not to be a new improvement.
4. If, between July 1 and June 15, the county assessor approves an application submitted pursuant to subsection 1, the owner of the single-family residence is entitled to an exemption of a portion of the assessed value of the single-family residence in the amount determined pursuant to subsection 3 beginning on July 1 of the next fiscal year and the owner of the single-family residence is not entitled to a refund of any taxes paid before that date.
5. If, after June 15 but on or before June 30, the county assessor approves an application submitted pursuant to subsection 1, the owner of the single-family residence is entitled to an exemption of a portion of the assessed value of the single-family residence in the amount determined pursuant to subsection 3 beginning on July 1 of the fiscal year immediately following the next fiscal year and the owner of the single-family residence is not entitled to a refund of any taxes paid before that date.
6. If a single-family residence for which an exemption of a portion of the assessed value of the single-family residence is granted pursuant to this section is sold or transferred in a transaction to which the provisions of chapter 375 of NRS apply:
(a) The exemption of a portion of the assessed value of the single-family residence must no longer be applied to the single-family residence; and
(b) In determining the taxable value of the single-family residence for any fiscal year following the sale, the single-family residence must be considered a new improvement as of the date on which the single-family residence was completed.
7. As used in this section:
(a) "Primary residence of the owner" has the meaning ascribed to it in NRS 361.4723.
(b) "Single-family residence" has the meaning ascribed to it in NRS 361.4723.
(Added to NRS by 2017, 2294)