Senate Bill No. 113–Committee on Government Affairs

 

CHAPTER..........

 

AN ACT relating to redevelopment; revising the manner of valuing certain property that becomes exempt from taxation for the purposes of allocating certain tax revenue among taxing agencies and a redevelopment agency; and providing other matters properly relating thereto.

 

THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN

SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:

 

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

    279.676  1.  Any redevelopment plan may contain a provision

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

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

district or other public corporation, after the effective date of the

ordinance approving the redevelopment plan, must be divided as

follows:

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

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

the taxing agencies upon the total sum of the assessed value of the

taxable property in the redevelopment area as shown upon the

assessment roll used in connection with the taxation of the property

by the taxing agency, last equalized before the effective date of the

ordinance, must be allocated to and when collected must be paid

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

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

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

the territory in a redevelopment area on the effective date of the

ordinance but to which the territory has been annexed or otherwise

included after the effective date, the assessment roll of the county

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

determining the assessed valuation of the taxable property in the

redevelopment area on the effective date. If property which was

shown on the assessment roll used to determine the amount of taxes

allocated to the taxing agencies is transferred to the State and

becomes exempt from taxation, the assessed valuation of the exempt

property as shown on [that] the assessment roll last equalized

before the date on which the property was transferred to the State

must be subtracted from the assessed valuation used to determine

the amount of revenue allocated to the taxing agencies.

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

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

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

when collected must be paid into a special fund of the

redevelopment agency to pay the costs of redevelopment and to pay

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

indebtedness, whether funded, refunded, assumed, or otherwise,

incurred by the redevelopment agency to finance or refinance, in

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

of the taxable property in a redevelopment area exceeds the total

assessed value of the taxable property in the redevelopment area as

shown by the [last equalized] assessment roll [referred to in

paragraph (a),] last equalized before the effective date of the

ordinance approving the redevelopment plan, less the assessed

valuation of any exempt property subtracted pursuant to

paragraph (a), all of the taxes levied and collected upon the taxable

property in the redevelopment area must be paid into the funds of

the respective taxing agencies. When the redevelopment plan is

terminated pursuant to the provisions of NRS 279.438 and 279.439

and all loans, advances and indebtedness, if any, and interest

thereon, have been paid, all money thereafter received from taxes

upon the taxable property in the redevelopment area must be paid

into the funds of the respective taxing agencies as taxes on all other

property are paid.

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

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

agency to produce revenues in an amount sufficient to make annual

repayments of the principal of, and the interest on, any bonded

indebtedness that was approved by the voters of the taxing agency

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

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

agency.

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

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

by a taxing agency and was approved by the voters of the taxing

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

when collected must be paid into the appropriate fund of the taxing

agency.

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

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

exceed:

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

amount equal to the combined tax rates of the taxing agencies for

that fiscal year multiplied by 10 percent of the total assessed

valuation of the municipality.

    (b) In a municipality whose population is less than 100,000, an

amount equal to the combined tax rates of the taxing agencies for

that fiscal year multiplied by 15 percent of the total assessed

valuation of the municipality.

If the revenue paid to a redevelopment agency must be limited

pursuant to paragraph (a) or (b) and the redevelopment agency has

more than one redevelopment area, the redevelopment agency shall

determine the allocation to each area. Any revenue which would be

allocated to a redevelopment agency but for the provisions of this

section must be paid into the funds of the respective taxing agencies.

    3.  The taxing agencies shall continue to pay to a

redevelopment agency any amount which was being paid before

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

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

advanced or any other indebtedness, whether funded, refunded,

assumed or otherwise incurred.

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

equalized before the effective date of the ordinance approving the

redevelopment plan is the assessment roll in existence on March 15

immediately preceding the effective date of the ordinance.

    Sec. 2.  This act becomes effective upon passage and approval.

 

²⁰~~~~~⁰³