AB 377 — Revises provisions relating to real property. (BDR 32-923)

(ReprintedAssembly withBill amendmentsNo. adopted on April 21, 2025) FIRST REPRINT A.B.

377377–Assemblymembers AGallant, SSEMBLYGurr, BILLD’Silva, NGray; O.

377–ACole, SSEMBLYMEMBERSDeLong, GHibbetts, ALLANTKoenig ,and GO’Neill URRJoint ,Sponsors: D’S ILVA, GRAY ;

COLESenators ,Buck; DELONG , HIBBETTS, KOENIG AND O’N EILL M ARCH 10, 2025 ____________ JOINT SPONSORS :

ENATORSDoñate, BEllison UCKand ;Stone CHAPTER..........

DOÑATE , LLISON AND S TONE ____________ Referred to Committee on Revenue SUMMARY—Revises provisions relating to real property.

(BDR 32-923) FISCAL NOTE:

Effect on Local Government:

May have Fiscal Impact.

Effect on the State:

Yes.

~ EXPLANATION – Matter in bolded italics is new;

matter between brackets [omitted material] is material to be omitted.

Existing law establishes partial abatements of property taxes for real property that is:

or (2) a residential rental dwelling that qualifies based on the amount of rent collected from the tenants.

(NRS 361.4723, 361.4724) Existing law requires a person whocollectedwho files with a county recorder a deed evidencing a transfer of title of real property or a land sale installment contract to also provide the county recorder with a declaration of value of the real property made on a form prescribed by the Nevada Tax Commission.

- *AB377_R1* – 2 – Existing regulations require an owner of a single-family residence which is the primary residence of the owner to claim the partial abatement of property taxes on the single-family residence by submitting a claim for the partial abatement to the a partial abatement to be claimed on the form for a declaration of value prescribed by the Nevada Tax Commission and provided to the county recorderassessor. with a deed evidencing a transfer of title to the single-family residence.

Existing(NAC regulations361.606) requireSection the1 owner of athis residentialbill rentaladditionally dwellingauthorizes thatsuch qualifiesby forthe aNevada certainTax partialCommission abatementand ofprovided propertyto taxes based on the amountcounty ofrecorder annuallywith filing a claimdeedscribed withevidencing thea countytransfer assessor of thetitle countyto in which the propertysingle-family isresidence. located not later than June 15 of each year.

UnderExisting existingregulations regulations,require the claimowner mustof bea accompaniedresidential byrental andwelling affidavitthat concerningqualifies for a certain partial abatement of property taxes based on the amount of rent chargedcollected tofrom the tenants of the property.property to claim the partial abatement by annually filing a claim with the county assessor of the county in which the property is located not later than June 15 of each year.

(NACUnder 361.607)existing Sectionregulations, 2the claim must be accompanied by an affidavit concerning the amount of thisrent billcharged additionallyto the authorizes a claim for this partial abatement of property taxes to be made on a declaration of value form prescribed by the Nevada Tax Commission and provided to the county recorder with a deed evidencing the transfer of title to the property.

- 83rd Session (2025) – 2 – EXPLANATION – Matter in bolded italics is new;

matter between brackets [omitted material] is material to be omitted.

Except as otherwise provided in or required to carry out the provisions of subsection 2 and NRS 361.4725 to 361.4729, inclusive, the owner of a single-family residence which is the primary residence of the owner is entitled to a partial abatement of the ad valorem taxes levied in a county on that property each fiscal year equal to the amount by which the product of the combined rate of all ad valorem taxes levied in that county on the property for that fiscal year and the amount of the assessed valuation of the property which is taxable in that county for that fiscal year, excluding any increase in the assessed valuation of the property from the immediately preceding fiscal year as a result of any improvement to or change in the actual or authorized use of the property, exceeds the sum obtained by adding:

or - *AB377_R1* – 3 – (2) Which would have been levied in that county on the property for the immediately preceding fiscal year if not for any exemptions from taxation that applied to the property for that prior fiscal year but do not apply to the property for the current fiscal year,  whichever is greater;

The provisions of subsection 1 do not apply to any property for(a) No assessed valuation was separately established for which:the immediately preceding fiscal year;

(a)or No- assessed83rd valuationSession was(2025) separately– established3 for– thegreater immediatelyabatement precedingfrom fiscaltaxation.ion year;1 of NRS 361.4722 provide a 3.

or (b) The provisions of subsection 1 of NRS 361.4722 provide a greater abatement from taxation.

3.

The Nevada Tax Commission shall adopt such regulations as it deems appropriate to carry out this section, including, without limitation, regulations providing a methodology for applying the partial abatement provided pursuant to subsection 1 to a parcel of real property of which only a portion qualifies as a single-family residence which is the primary residence of the owner and thetheamily remainder is used in another manner.

The owner of a single-family residence does not become ineligible for the partial abatement provided pursuant to subsection 1 as a result of:

or - *AB377_R1* – 4 – (b) If a partial abatement of property taxes pursuant to this section is claimed on the form for a declaration of valuevalueto this prescribed by the Nevada Tax Commission pursuant to NRS 375.060, on the form prescribed by the Nevada Tax Commission pursuant to NRS 375.060.

and (2)- Is83rd notSession rented,(2025) leased– or4 otherwise– made available for exclusive occupancy by any person other than the owner of thetheor residence and members of the family of the owner of the residence.

Sec.

2.

NRS 361.4724 is hereby amended to read as follows:

Except as otherwise provided in or required to carry out the provisions of subsection 2 and NRS 361.4725 to 361.4729, inclusive, if the amount of rent collected from each of the tenants of a residential dwelling does not exceed the fair market rent for the county in which the dwelling is located, as most recently published by the United States Department of Housing and UrbanUrbanently -published *AB377_R1* – 5 – Development, the owner of the dwelling is entitled to a partial abatement of the ad valorem taxes levied in a county on that property for each fiscal year equal to the amount by which the product of the combined rate of all ad valorem taxes levied in that county on the property for that fiscal year and the amount of the assessed valuation of the property which is taxable in that county for that fiscal year, excluding any increase in the assessed valuation of the property from the immediately preceding fiscal year as a result of- any83rd improvementSession to(2025) or– change5 in– the actualproperty, orexceeds authorizedthe sum obtained by adding:authorized use of the(a) property,The exceedsamount theof sumall obtainedthe byad adding:valorem taxes:

(a) The amount of all the ad valorem taxes:

and (c) Any property for which the provisions of subsection 1 of NRS 361.4722 provide a greater abatement from taxation.taxation.ion 1 of 3.

3.

(a) In the manner prescribed by regulations adopted by the Nev(b) If a partial abatement of property taxes pursuant to this section is claimed on the form for a declaration of value prescribed by the Nevada Tax Commission;Commission pursuant to NRS 375.060, on the form prescribed by the Nevada Tax Commission pursuant to NRS 375.060.