2009 Nevada Code
TITLE 32 - REVENUE AND TAXATION
Chapter 361 - Property Tax
ALLODIAL TITLE
361.900 - Application for establishment; calculation of payment required; issuance of certificate; agreement for installment payments.

361.900  Application for establishment; calculation of payment required; issuance of certificate; agreement for installment payments.

      1.  A person who owns and occupies a single-family dwelling, its appurtenances and the land on which it is located, free and clear of all encumbrances, except any unpaid assessment for a public improvement, may, not later than June 13, 2005, apply to the county assessor to establish allodial title to the dwelling, its appurtenances and the land on which it is located. One or more persons who own such a home in any form of joint ownership may, not later than June 13, 2005, apply for the allodial title jointly if the dwelling is occupied by each person included in the application. The application must be made on a form prescribed by the State Treasurer. The county assessor may require that the application be accompanied by a nonrefundable processing fee of not more than $25. If collected, the fee must be deposited in the county general fund and used to pay any expenses incurred by the county in carrying out the provisions of NRS 361.900 to 361.920, inclusive.

      2.  Upon receipt of an application made pursuant to subsection 1, the county assessor shall transmit the application to the State Treasurer. The county assessor shall transmit with the application any additional information required by the State Treasurer.

      3.  Upon receipt of an application from a county assessor, the State Treasurer shall determine the amount of money that would be required to be paid by the owner of the property to establish allodial title to the property using a tax rate of $5 for each $100 of assessed valuation on the date of the application. The amount must be separately calculated to produce an alternative for payment in a lump sum and an alternative for the payment of installments over a payment period of not more than 10 years. The amounts must be calculated to the best ability of the State Treasurer so that the money paid plus the interest or other income earned on that money will be adequate to pay all future tax liability of the property for a period equal to the life expectancy of the youngest titleholder of the property. The State Treasurer shall make a written record of the calculations upon which the amount was determined. The record must include an annual projection of the estimated interest and income that will be earned on the money.

      4.  Upon completion of the calculations required by subsection 3, the State Treasurer shall notify the requester of the two amounts.

      5.  If the homeowner pays the lump sum indicated by the State Treasurer pursuant to subsection 4 and submits proof satisfactory to the State Treasurer that the home is a single-family dwelling occupied by the homeowner and that the home, its appurtenances and the land on which it is located are owned free and clear of all encumbrances, except any unpaid assessment for a public improvement, the State Treasurer shall issue a certificate of allodial title to the homeowner for the home, its appurtenances and the land on which it is located that is described in the deed for that property.

      6.  If the homeowner notifies the State Treasurer that the homeowner wishes to enter into an agreement with the State of Nevada to establish allodial title to his or her residence by installments, the State Treasurer shall execute such an agreement on behalf of the State of Nevada. The agreement must include a provision for rescission of the agreement by the homeowner at any time before the last payment is made and a guarantee, upon such a rescission, of a refund of the unused portion of the installment payments. The unused portion of the installment payments must be calculated by:

      (a) Determining the total amount of all installment payments made before the date of the rescission plus the income and interest actually accrued on that money; and

      (b) Subtracting from the amount determined pursuant to paragraph (a) a pro rata share of any expenses incurred by the State Treasurer that are directly and indirectly related to the investment of the money in the Allodial Title Trust Fund and any costs directly and indirectly related to the administration of the allodial title program during the period for which the installment payments were made.

      7.  The homeowner shall pay the installments directly to the State Treasurer and shall continue to pay the current property taxes directly to the county during the period for which the installment payments are made.

      8.  Upon receipt of the last installment payment, which must reflect any increase or decrease in the assessed valuation of the property since the date of the application, and submission of proof satisfactory to the State Treasurer that the home is a single-family dwelling occupied by the homeowner and that the home, its appurtenances and the land on which it is located are owned free and clear of all encumbrances, except any unpaid assessment for a public improvement, the State Treasurer shall issue a certificate of allodial title to the homeowner for the home, its appurtenances and the land on which it is located that is described in the deed for that property.

      (Added to NRS by 1997, 3407; A 2005, 1484)

     

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