Senate Bill No. 335–Senator Hardy

 

March 17, 2003

____________

 

Referred to Committee on Government Affairs

 

SUMMARY—Increases maximum amount that may be paid to redevelopment agency in small community. (BDR 22‑1172)

 

FISCAL NOTE:  Effect on Local Government: No.

                           Effect on the State: No.

 

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EXPLANATION – Matter in bolded italics is new; matter between brackets [omitted material] is material to be omitted.

 

AN ACT relating to the redevelopment of communities; increasing the maximum amount that may be paid to a redevelopment agency in a small community; and providing other matters properly relating thereto.

 

THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN

SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:

 

1-1  Section 1. NRS 279.676 is hereby amended to read as follows:

1-2  279.676  1.  Any redevelopment plan may contain a provision

1-3  that taxes, if any, levied upon taxable property in the redevelopment

1-4  area each year by or for the benefit of the State, any city, county,

1-5  district or other public corporation, after the effective date of the

1-6  ordinance approving the redevelopment plan, must be divided as

1-7  follows:

1-8  (a) That portion of the taxes which would be produced by the

1-9  rate upon which the tax is levied each year by or for each of

1-10  the taxing agencies upon the total sum of the assessed value of the

1-11  taxable property in the redevelopment area as shown upon the

1-12  assessment roll used in connection with the taxation of the property

1-13  by the taxing agency, last equalized before the effective date of the

1-14  ordinance, must be allocated to and when collected must be paid

1-15  into the funds of the respective taxing agencies as taxes by or for

1-16  such taxing agencies on all other property are paid. To allocate taxes

1-17  levied by or for any taxing agency or agencies which did not include

2-1  the territory in a redevelopment area on the effective date of the

2-2  ordinance but to which the territory has been annexed or otherwise

2-3  included after the effective date, the assessment roll of the county

2-4  last equalized on the effective date of the ordinance must be used in

2-5  determining the assessed valuation of the taxable property in the

2-6  redevelopment area on the effective date. If property which was

2-7  shown on the assessment roll used to determine the amount of taxes

2-8  allocated to the taxing agencies is transferred to the State and

2-9  becomes exempt from taxation, the assessed valuation of the exempt

2-10  property as shown on that assessment roll must be subtracted from

2-11  the assessed valuation used to determine the amount of revenue

2-12  allocated to the taxing agencies.

2-13      (b) Except as otherwise provided in paragraphs (c) and (d) and

2-14  NRS 540A.265, that portion of the levied taxes each year in excess

2-15  of the amount set forth in paragraph (a) must be allocated to and

2-16  when collected must be paid into a special fund of the

2-17  redevelopment agency to pay the costs of redevelopment and to pay

2-18  the principal of and interest on loans, money advanced to, or

2-19  indebtedness, whether funded, refunded, assumed, or otherwise,

2-20  incurred by the redevelopment agency to finance or refinance, in

2-21  whole or in part, redevelopment. Unless the total assessed valuation

2-22  of the taxable property in a redevelopment area exceeds the total

2-23  assessed value of the taxable property in the redevelopment area as

2-24  shown by the last equalized assessment roll referred to in paragraph

2-25  (a), all of the taxes levied and collected upon the taxable property in

2-26  the redevelopment area must be paid into the funds of the respective

2-27  taxing agencies. When the redevelopment plan is terminated

2-28  pursuant to the provisions of NRS 279.438 and 279.439 and all

2-29  loans, advances and indebtedness, if any, and interest thereon, have

2-30  been paid, all money thereafter received from taxes upon the taxable

2-31  property in the redevelopment area must be paid into the funds of

2-32  the respective taxing agencies as taxes on all other property are paid.

2-33      (c) That portion of the taxes in excess of the amount set forth in

2-34  paragraph (a) that is attributable to a tax rate levied by a taxing

2-35  agency to produce revenues in an amount sufficient to make annual

2-36  repayments of the principal of, and the interest on, any bonded

2-37  indebtedness that was approved by the voters of the taxing agency

2-38  on or after November 5, 1996, must be allocated to and when

2-39  collected must be paid into the debt service fund of that taxing

2-40  agency.

2-41      (d) That portion of the taxes in excess of the amount set forth in

2-42  paragraph (a) that is attributable to a new or increased tax rate levied

2-43  by a taxing agency and was approved by the voters of the taxing

2-44  agency on or after November 5, 1996, must be allocated to and

3-1  when collected must be paid into the appropriate fund of the taxing

3-2  agency.

3-3  2.  Except as otherwise provided in subsection 3, in any fiscal

3-4  year, the total revenue paid to a redevelopment agency must not

3-5  exceed:

3-6  (a) In a municipality whose population is 100,000 or more, an

3-7  amount equal to the combined tax rates of the taxing agencies for

3-8  that fiscal year multiplied by 10 percent of the total assessed

3-9  valuation of the municipality.

3-10      (b) In a municipality whose population is 50,000 or more but

3-11  less than 100,000, an amount equal to the combined tax rates of the

3-12  taxing agencies for that fiscal year multiplied by 15 percent of the

3-13  total assessed valuation of the municipality.

3-14      (c) In a municipality whose population is less than 50,000, an

3-15  amount equal to the combined tax rates of the taxing agencies for

3-16  that fiscal year multiplied by 25 percent of the total assessed

3-17  valuation of the municipality.

3-18  If the revenue paid to a redevelopment agency must be limited

3-19  pursuant to paragraph (a) , [or] (b) or (c) and the redevelopment

3-20  agency has more than one redevelopment area, the redevelopment

3-21  agency shall determine the allocation to each area. Any revenue

3-22  which would be allocated to a redevelopment agency but for the

3-23  provisions of this section must be paid into the funds of the

3-24  respective taxing agencies.

3-25      3.  The taxing agencies shall continue to pay to a

3-26  redevelopment agency any amount which was being paid before

3-27  July 1, 1987, and in anticipation of which the agency became

3-28  obligated before July 1, 1987, to repay any bond, loan, money

3-29  advanced or any other indebtedness, whether funded, refunded,

3-30  assumed or otherwise incurred.

3-31      4.  For the purposes of this section, the assessment roll last

3-32  equalized before the effective date of the ordinance approving the

3-33  redevelopment plan is the assessment roll in existence on March 15

3-34  immediately preceding the effective date of the ordinance.

3-35      Sec. 2.  This act becomes effective on July 1, 2003.

 

3-36  H