Assembly Joint Resolution No. 8–Assemblyman Hettrick
Assembly Joint RESOLUTION—Proposing to amend the Constitution of the State of Nevada to authorize the Nevada legislature to provide for the separate taxation of property whose development is restricted by an interstate compact for environmental purposes and to provide for an abatement of the tax upon or an exemption of part of the assessed value of undeveloped land or a single-family residence under certain circumstances.
Resolved by the Assembly and Senate of the State of Nevada,
Jointly, That section 1 of article 10 of the Constitution of the State of
Nevada be amended to read as follows:
Section 1. 1. The legislature shall provide by law for a uniform and
equal rate of assessment and taxation, and shall prescribe such regulations
as shall secure a just valuation for taxation of all property, real, personal
and possessory, except mines and mining claims, which shall be assessed
and taxed only as provided in section 5 of this article.
2. Shares of stock, bonds, mortgages, notes, bank deposits, book
accounts and credits, and securities and choses in action of like character
are deemed to represent interest in property already assessed and taxed,
either in Nevada or elsewhere, and shall be exempt.
3. The legislature may constitute [agricultural] :
(a) Agricultural and open-space real property having a greater value for
another use than that for which it is being used[, as a separate class] ; and
(b) Property the development of which is restricted pursuant to an
interstate compact for the preservation and restoration of the natural
environment of the region in which the property is located,
as separate classes for taxation purposes and may provide [a] separate
uniform [plan] plans for appraisal and valuation of such property for
assessment purposes. If such a plan is provided, the legislature shall also
provide for retroactive assessment for a period of not less than 7 years
when the agricultural and open-space real property is converted to a higher
use conforming to the use for which other nearby property is used[.] , or
the property the development of which is restricted is subsequently
developed.
4. Personal property which is moving in interstate commerce through
or over the territory of the State of Nevada, or which was consigned to a
warehouse, public or private, within the State of Nevada from outside the
State of Nevada for storage in transit to a final destination outside the State
of Nevada, whether specified when transportation begins or afterward,
shall be deemed to have acquired no situs in Nevada for purposes of
taxation and shall be exempt from taxation. Such property shall not be
deprived of such exemption because while in the warehouse the property
is assembled, bound, joined, processed, disassembled, divided, cut, broken
in bulk, relabeled or repackaged.
5. The legislature may exempt motor vehicles from the provisions of
the tax required by this section, and in lieu thereof, if such exemption is
granted, shall provide for a uniform and equal rate of assessment and
taxation of motor vehicles, which rate shall not exceed five cents on one
dollar of assessed valuation.
6. The legislature shall provide by law for a progressive reduction in
the tax upon business inventories by 20 percent in each year following the
adoption of this provision, and after the expiration of the 4th year such
inventories are exempt from taxation. The legislature may exempt any
other personal property, including livestock.
7. No inheritance tax shall ever be levied.
8. The legislature may exempt by law property used for municipal,
educational, literary, scientific or other charitable purposes, or to
encourage the conservation of energy or the substitution of other sources
for fossil sources of energy.
9. No income tax shall be levied upon the wages or personal income of
natural persons. Notwithstanding the foregoing provision, and except as
otherwise provided in subsection 1 of this section, taxes may be levied
upon the income or revenue of any business in whatever form it may be
conducted for profit in the state.
10. The legislature may provide by law for an abatement of the tax
upon or an exemption of part of the assessed value of undeveloped land
or a single-family residence occupied by the owner, or both, to the extent
necessary to avoid severe economic hardship to the owner of the land or
residence.
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