361A.283 - Period for assessment of deferred tax; penalty for failure of owner to provide assessor with required notice. - Nevada Statutes

361A.283  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 or she 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 or open-space use rather than at full taxable value for any fiscal year in which it did not qualify for agricultural or open-space assessment, he or she 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 or she finds extenuating circumstances sufficient to justify the waiver.

      (Added to NRS by 1991, 2100; A 1999, 2775; 2009, 1232)