SUMMARY--Exempts state rate of property tax from limitation on total rate of property taxes. (BDR 32-1867)
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; exempting the rate of property tax levied for the state from the limitation on the total rate of property taxes; 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 361.453 is hereby amended to read as follows:
361.4531. Except as otherwise provided in NRS 354.705 [,] and subsection 2, the total ad valorem tax levy for all public purposes must not exceed $3.64 on each $100 of assessed valuation, or a lesser or greater amount fixed by the state board of examiners if the state board of examiners is directed by law to fix a lesser or greater amount for that fiscal year.
2. Any levy imposed by the legislature for the repayment of bonded indebtedness of the State of Nevada must not be included in calculating the limitation on the total ad valorem tax levy pursuant to subsection 1.
Sec. 2. This act becomes effective on July 1, 1997.