SUMMARY--Provides property tax exemption for Pershing County Kids, Horses, Rodeo Inc. (BDR 32-220)
FISCAL NOTE: Effect on Local Government: Yes.
Effect on the State or on Industrial Insurance: Yes.
EXPLANATION - Matter in italics is new; matter in brackets [ ] is material to be omitted.
AN ACT relating to taxation; providing an exemption from property taxes for property of Pershing County Kids, Horses, Rodeo Inc.; and providing other matters properly relating thereto.
THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:
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Section 1 Chapter 361 of NRS is hereby amended by adding thereto a new section to read as follows:
1. Except as otherwise provided in subsection 2, all real and personal property of Pershing County Kids, Horses, Rodeo Inc. in the State of Nevada is exempt from taxation.
2. If any property exempt from taxation pursuant to subsection 1 is used for any purpose other than carrying out the legitimate functions of Pershing County Kids, Horses, Rodeo Inc., and a rent or other valuable consideration is received for its use, the property must be taxed, unless the rent or other valuable consideration is paid or given by an organization that qualifies as a tax exempt organization pursuant to 26 U.S.C. § 501(c)(3).
Sec. 2. NRS 361.155 is hereby amended to read as follows:
361.1551. All claims for personal tax exemptions on real property, the initial claim of an organization for a tax exemption on real property and the designation of any amount to be credited to the veterans' home account pursuant to NRS 361.0905 must be filed on or before June 15. All exemptions provided for pursuant to this chapter apply on a fiscal year basis and any exemption granted pursuant to this chapter must not be in an amount which gives the taxpayer a total exemption greater than that to which he is entitled during any fiscal year.
2. Each claim for an exemption provided for pursuant to this chapter must be filed with the county assessor of:
(a) The county in which the claimant resides for personal tax exemptions; or
(b) Each county in which property is located for the tax exemption of an organization.
3. After the initial claim for an exemption pursuant to NRS 361.088 or 361.098 to 361.150, inclusive, and section 1 of this act, an organization is not required to file annual claims if the property remains exempt. If any portion of the property loses its exemption pursuant to NRS 361.157 or for any other reason becomes taxable, the organization must notify the county assessor.
4. If an exemption is granted or renewed in error because of an incorrect claim or failure of an organization to give the notice required by subsection 3, the assessor shall assess the taxable portion of the property retroactively pursuant to NRS 361.769 and a penalty of 10 percent of the tax due for the current year and any prior years must be added.
Sec. 3. This act becomes effective on July 1, 1997.