1. Before a municipality may submit to the commission a proposal that will result in an increase in the rate of property taxes, the municipality shall:
(a) Determine whether there is an affected governmental entity; and
(b) If there is an affected governmental entity, provide written notification to the affected governmental entity.
2. A notification sent pursuant to subsection 1 must include, without limitation, a description of:
(a) The proposal and the estimated amount the proposal would increase property taxes; and
(b) The potential effect of the increase on the entity.
3. The governing body of an entity that receives a notification pursuant to subsection 1 shall, by resolution, approve or object to the proposal described in the notice. If the entity approves the proposal, the entity must state in the resolution approving the proposal that the entity has no intent to levy property taxes which, if combined with the increase proposed in the proposal, would cause the combined property tax rate for the area containing the municipality and the entity to exceed the limitation on property taxes set forth in NRS 361.453.
4. If an entity objects to a proposal pursuant to subsection 3, the municipality which provided notice pursuant to subsection 1 shall provide the commission with notification in writing of the objection and the entity’s reasons for objecting when submitting the proposal to the commission pursuant to NRS 350.014.
5. If the commission receives a proposal to which an objection has been raised pursuant to subsection 3, the commission shall resolve any conflict between the municipality and the entity over the use of the remaining allowable increase in property taxes and determine whether to approve, in whole or in part, or reject the increase in property taxes set forth in the proposal.
6. In resolving a conflict pursuant to subsection 5, the commission may impose:
(a) A condition or provision described in subsection 2 of NRS 350.0145; and
(b) A condition that:
(1) The amount of the general obligation debt proposed to be imposed must be reduced;
(2) The rate of the special elective tax must be reduced; or
(3) Both subparagraphs (1) and (2).
7. The commission may establish:
(a) A method for resolving conflicts over the unlevied amount of property taxes that may be levied pursuant to NRS 354.59811;
(b) A method for determining the highest and best use of the unlevied amount of property taxes that may be levied pursuant to NRS 354.59811, which must be based upon a comparison of the public needs to be served by the proceeds from the proposed debt or tax levy in a proposal submitted pursuant to NRS 350.014 and the public needs to be served by other possible debts or tax levies by other municipalities whose tax-levying powers overlap; and
(c) A procedure for allowing a municipality that does not levy the maximum amount of property taxes which it may levy pursuant to NRS 354.59811 to reserve a percentage of the remaining allowable increase of property taxes for use in the future and a procedure for determining whether to grant such a reservation. If established, such procedures must:
(1) Allow all municipalities whose tax-levying powers may be affected by such a reservation to enter objections to such a reservation; and
(2) Provide a method for resolving conflicts over the remaining allowable increase of property taxes between municipalities whose tax-levying powers overlap, which must be based upon the highest and best use for the remaining allowable increase of property taxes.
8. This section does not apply to any proposal that is not expected to result in an increase in the rate of property taxes in any jurisdiction.
9. As used in this section:
(a) "Affected governmental entity" means a governmental entity:
(1) That has territory which overlaps the territory of the municipality proposing the special elective tax or general obligation debt;
(2) That is currently not levying the maximum rate of property taxes which it may levy pursuant to NRS 354.59811; and
(3) For which the total combined tax rate levied on the overlapping territory would exceed the limit set forth in NRS 361.453 if the current combined tax rate levied on the overlapping territory is added to:
(I) The tax rate projected for the special elective tax or general obligation debt being proposed by the municipality; and
(II) The unlevied amount of property taxes that currently may be levied by the governmental entity pursuant to NRS 354.59811.
(b) "Remaining allowable increase of property taxes" means the difference between the tax rate allowed for a municipality in the current fiscal year pursuant to NRS 354.59811 minus the tax rate levied by the municipality in the current fiscal year.
(Added to NRS by 2001, 878)
Structure Nevada Revised Statutes
Chapter 350 - Municipal Obligations
NRS 350.0045 - "General obligation debt" defined.
NRS 350.0055 - "Installment-purchase agreement" defined.
NRS 350.0065 - "Local government" defined.
NRS 350.007 - "Medium-term obligation" defined.
NRS 350.0075 - "Special obligation" defined.
NRS 350.008 - Term of installment-purchase agreement.
NRS 350.012 - Meetings; officers; removal of member; quorum; compensation.
NRS 350.014 - Approval or notification of commission required for certain proposals.
NRS 350.016 - Evaluation of proposal: Power of commission to employ consultants; costs.
NRS 350.0165 - Applicability of NRS 350.011 to 350.0165, inclusive.
NRS 350.022 - Notice of election on proposal to issue general obligations: Publication.
NRS 350.093 - Limitations on transfer of money for medium-term obligation; refund of transfer.
NRS 350.095 - Levy of special tax; transfer of money remaining in fund.
NRS 350.125 - "Competitive bid" defined.
NRS 350.135 - "Financial adviser" defined.
NRS 350.145 - "Negotiated sale" defined.
NRS 350.195 - Financial adviser: Prohibited acts.
NRS 350.2011 - Maximum rate of interest on securities of political subdivisions.
NRS 350.2013 - Issuance or sale more than 6 years after date of election prohibited; exception.
NRS 350.204 - Merger of sinking and other debt service funds into single fund.
NRS 350.206 - Sufficiency of levy of taxes.
NRS 350.208 - Obligation of bond not impaired.
NRS 350.370 - Additional powers of municipality under NRS 350.350 to 350.490, inclusive.
NRS 350.375 - Use of revenues derived from undertaking of municipality.
NRS 350.380 - Undertaking and issuance of bonds: Procedure.
NRS 350.502 - Purpose; supplemental nature.
NRS 350.506 - "Acquisition" and "acquire" defined.
NRS 350.508 - "Chair" and "chair of the municipality" defined.
NRS 350.510 - "Clerk" defined.
NRS 350.512 - "Commercial bank" defined.
NRS 350.514 - "Condemnation" and "condemn" defined.
NRS 350.516 - "Cost of any project" defined.
NRS 350.517 - "Disposal" and "dispose" defined.
NRS 350.5175 - "Equip" and "equipment" defined.
NRS 350.518 - "Facilities" defined.
NRS 350.520 - "Federal Government" defined.
NRS 350.522 - "Federal securities" defined.
NRS 350.524 - "Governing body" defined.
NRS 350.526 - "Gross revenues" and "gross pledged revenues" defined.
NRS 350.530 - "Holder" defined.
NRS 350.532 - "Improvement" and "improve" defined.
NRS 350.534 - "Municipal" defined.
NRS 350.536 - "Municipal securities" and "securities" defined.
NRS 350.538 - "Municipality" defined.
NRS 350.540 - "Net revenues" and "net pledged revenues" defined.
NRS 350.542 - "Operation and maintenance expenses" defined.
NRS 350.546 - "Ordinance" defined.
NRS 350.550 - "Pledged revenues" defined.
NRS 350.552 - "Project" defined.
NRS 350.554 - "Public body" defined.
NRS 350.556 - "State" defined.
NRS 350.558 - "Taxation" defined.
NRS 350.560 - "Taxes" defined.
NRS 350.562 - "Treasurer" defined.
NRS 350.564 - "Trust bank" defined.
NRS 350.566 - "United States" defined.
NRS 350.568 - Powers of municipality in connection with projects.
NRS 350.569 - Power of eminent domain; reimbursement of public utility for removal and relocation.
NRS 350.570 - Power of municipality to become obligated and issue securities for project.
NRS 350.572 - Types of securities which may be issued; series.
NRS 350.573 - Sale of right to call for purchase of securities.
NRS 350.574 - Notes and warrants: Maturity; extension or funding.
NRS 350.576 - Temporary bonds: Conditions, terms and provisions; holder’s rights and remedies.
NRS 350.578 - Ordinance authorizing issuance of securities: Description of purposes.
NRS 350.579 - Emergency ordinances: Adoption; effective date.
NRS 350.580 - General obligations: Types of securities.
NRS 350.582 - Special obligations: Types of securities.
NRS 350.586 - Securities issued as general obligations constitute outstanding indebtedness.
NRS 350.588 - Securities issued as special obligations do not constitute outstanding indebtedness.
NRS 350.590 - Recitals required in municipal securities.
NRS 350.594 - Time and duration of levy of special tax.
NRS 350.602 - Proceeds of taxes specially appropriated to payment of principal and interest.
NRS 350.614 - Details of municipal securities provided by ordinance.
NRS 350.616 - Sale or issuance of municipal securities.
NRS 350.628 - Recital in securities conclusive evidence of validity and regularity of issuance.
NRS 350.630 - Denomination, negotiability and maturity of municipal securities; rate of interest.
NRS 350.632 - Payment of principal, interest and premium when due without further order.
NRS 350.634 - Interest coupons.
NRS 350.636 - Execution, signing and authentication of municipal securities and coupons.
NRS 350.638 - Facsimile signatures and seals.
NRS 350.640 - Securities not invalid because signatories cease to fill offices.
NRS 350.642 - Adoption of facsimile signature of predecessor in office.
NRS 350.644 - Redemption before maturity.
NRS 350.646 - Repurchase of municipal securities.
NRS 350.648 - Use of money received from issuance of municipal securities.
NRS 350.650 - Disposition of unexpended balance of proceeds after completion of project.
NRS 350.654 - Special funds and accounts: Creation; purposes.
NRS 350.656 - Employment of legal and other expert services; contracts for sale and other purposes.
NRS 350.660 - Covenants and other provisions in municipal securities.
NRS 350.664 - Rights and powers of holders of municipal securities and trustees.
NRS 350.666 - Receivers: Appointment; powers and duties.
NRS 350.668 - Rights and remedies cumulative.
NRS 350.672 - Interim debentures: Issuance for general or special obligations.
NRS 350.676 - Interim debentures: Maturity; use of proceeds; issuance.
NRS 350.678 - Interim debentures: Security for payment.
NRS 350.680 - Interim debentures: Extension and funding.
NRS 350.684 - Refunding of general and special obligation bonds: Ordinance; trust indenture.
NRS 350.686 - Calls for prior redemption: Limitations.
NRS 350.690 - Refunding of outstanding securities evidencing long-term loans.
NRS 350.694 - Conditions for refunding bonds.
NRS 350.700 - Refunding bonds payable from taxes or pledged revenues.
NRS 350.702 - Issuance of bonds separately or in combination.
NRS 350.704 - Bonds of abolished municipalities may be refunded.
NRS 350.706 - Other statutory provisions applicable to refunding bonds.
NRS 350.708 - Conclusive determination of governing body that statutory limitations have been met.
NRS 350.710 - Bonds and other securities exempt from taxation; exception.
NRS 350.712 - Securities issued as general obligations are legal investments for state money.
NRS 350.714 - Legal investments for other persons.
NRS 350.718 - Sufficiency of Local Government Securities Law.
NRS 350.720 - Liberal construction.
NRS 350.810 - Purchase of municipal obligations by financial adviser of municipality limited.