SUMMARY--Repeals property tax exemption for certain low-income housing projects. (BDR 32-128)
FISCAL NOTE: Effect on Local Government: No.
Effect on the State or on Industrial Insurance: No.
EXPLANATION - Matter in italics is new; matter in brackets [ ] is material to be omitted.
AN ACT relating to taxation; repealing the property tax exemption for certain low-income housing projects receiving federal funds; 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Section 1 NRS 361.082 is hereby repealed.
Sec. 2. This act becomes effective on July 1, 1997.
TEXT OF REPEALED SECTION
361.082 Exemption of portions of qualified low-income housing projects.
1. Real property and tangible personal property used for housing and related facilities for persons with low incomes are exempt from taxation if the property is part of a qualified low-income housing project that is funded in part by federal money appropriated pursuant to 42 U.S.C. §§ 12701 et seq.
2. The portion of a qualified low-income housing project that is entitled to the property tax exemption must be determined by dividing the total assessed value of the housing project and the land upon which it is situated into the assessed value of the low-income units and related facilities that are occupied or used exclusively by persons with low incomes.
3. As used in this section, the terms "low-income unit" and "qualified low-income housing project" have the meanings ascribed to them in 26 U.S.C. § 42, as it existed on July 1, 1991.