Senate Joint Resolution No. 11 of the 70th Session–Senator O’Connell
SENATE JOINT RESOLUTION—Proposing to amend the Constitution of the State of Nevada to authorize the abatement of the property tax for certain owners of single-family residences.
Resolved by the Senate and Assembly 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 and open-space real
property having a greater value for another use than that for which it is
being used, as a separate class for taxation purposes and may provide a
separate uniform plan for appraisal and valuation of such property for
assessment purposes. If such plan is provided, the legislature shall also
provide for retroactive assessment for a period of not less than 7 years
when agricultural and open-space real property is converted to a higher use
conforming to the use for which other nearby property is used.
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 a single-family
residence occupied by the owner to the extent necessary to avoid severe
economic hardship to the owner of the residence.
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