SB 430 — Revises provisions relating to partial refunds of property taxes to certain persons who are 66 years of age or older. (BDR 38-999)

EXEMPT (Reprinted with amendments adopted on April 21, 2023) FIRST REPRINT S.B.

430–SENATOR HAMMOND M ARCH 27, 2023 ____________ Referred to Committee on Revenue and Economic Development SUMMARY—Revises provisions relating to partial refunds of property taxes to certain persons who are 5566 years of age or older.

establishing a program to provide partial refunds of property taxes to certain persons who are 5566 years of age or older;

This bill enacts provisions to provide partial property tax refunds to persons who are 5566 years of age or older.

Sections 14 and 15 of this bill entitle each person who is 5566 years of age or older who:

Section 21 of this bill authorizes surviving spouses,e to persons who are blind and veterans who receive certain property tax exemptions to - *SB430**SB430_R1* – 2 – receive a refund of the property taxes pursuant to sections 2-31, but require the assessed value used to determine the refund to be reduced by the amount of the exemption.

Section 30 of this the Division to adopt regulations to carry out the provisions of sections 2-31.orizes Section 31 of this bill requires the refunds authorized by this bill to be paid from money appropriated by the Legislature and establishes the Senior Citizens’ Property Tax Assistance Account in the State General FundFund. and requires:

(1)Under thesection Account31: to consist of a portion of the property taxes collected by the county treasurer of each county and legislative appropriations to the Account;

(2)(1) the costs of administering sections 2-2-31 countyand assessorthe refunds of eachproperty countytaxes are required to be paid from the Account an amount equal to $4 for each claim for aaty is refund received by the county assessor and submitted to the Division.

- *SB430**SB430_R1* – 3 – (d) A dwelling within any housing project which has been established pursuant to chapter 315 of NRS and for which the housing authority makes payments in lieu of taxes.

- *SB430**SB430_R1* – 4 – Sec.

“Senior citizen” means any person who is domiciled in this State and will attain the age of 5566 years on or before the last day in June immediately succeeding the filing period.

The amount of the refund provided pursuant to subsection 1 must be an amount equal to that portion of the rent which is rent deemed to constitute accrued property tax pursuant to section 17 - *SB430**SB430_R1* – 5 – of this act, even if the rental property is exempt from property tax, or $1,000, whichever is less.

(b) The claim is granted, the Division shall pay the refund to the claimant not later than August 15, unless the Administrator - *SB430**SB430_R1* – 6 – cannot provide for full refunds of all just claims pursuant to subsection 4 of section 31 of this act.

- *SB430**SB430_R1* – 7 – Sec.

- *SB430**SB430_R1* – 8 – 2.

TheMoney Seniorto Citizens’pay Propertyfor Taxassistance Assistancegranted Accountto issenior herebycitizens createdpursuant into the provisions of sections 2 to 31, inclusive, of this act must be provided by legislative appropriation from the State General Fund.

The Accountmoney consistsso ofappropriated moneymust be transferred to the Senior Citizens’ Property Tax Assistance Account, which is:is hereby created in the State General Fund.

(a) Received by the State Controller for credit to the Account pursuant to subsection 2;

and (b) Appropriated to the Account by the Legislature.

Notwithstanding any other provision of law, on the third Monday of July, October, January and April of each year, each county treasurer shall deposit with the State Controller for credit to the Senior Citizens’ Property Tax Assistance Account an amount of the property taxes received by the county treasurer equal to the amount authorized by the Legislature to be expended from the Account for that county, multiplied by a percentage determined by dividing:

(a) The total ad valorem tax rate levied on a parcel or other taxable unit of property in the county, excluding:

(1) Any ad valorem tax rate levied on a parcel or other taxable unit of property owned by this State;

and (2) Any ad valorem tax rate levied on a parcel or other taxable unit of property in the county, the proceeds of which are - *SB430* – 9 – pledged to the payment of obligations secured by those proceeds, unless an independent bond counsel representing the governing body of the county in connection with the issuance of those obligations has issued an opinion stating that the use of a portion of the proceeds of the ad valorem tax rate for the purposes of sections 2 to 31, inclusive, of this act would not impair the contract for the sale of those obligations;

and (b) The total ad valorem tax rate levied on a parcel or other taxable unit of property in the county.

3.

4.3.

If the total amount of the claims exceeds that balance, the Administrator shall proportionately- *SB430_R1* – 9 – this act.nately reduce each claim paid pursuant to section 19 of this4. act.

5.

H - *SB430**SB430_R1*