Nevada § 360.695 - Adjustment of allocation to local government or special district after decrease in population and assessed valuation of taxable property

§ 360.695. Adjustment of allocation to local government or special district after decrease in population and assessed valuation of taxable property

1. If the population and assessed valuation of the taxable property, except any assessed

valuation attributable to the net proceeds of minerals, within a local government

or special district has decreased in each of the 3 fiscal years immediately preceding

the current fiscal year, the Executive Director shall review the amount allocated

to the local government or special district from the Account pursuant to NRS 360.680 , to determine whether to adjust the allocation. The local government or special district may submit information to assist the Executive

Director in making a determination. If the Executive Director determines that an adjustment to the allocation of the local

government or special district is necessary, the Executive Director shall submit his

or her findings on the matter to the Committee on Local Government Finance. 2. The Committee on Local Government Finance shall review the findings submitted by

the Executive Director pursuant to subsection 1. If the Committee determines that

an adjustment to the amount allocated to the local government or special district

pursuant to NRS 360.680 is appropriate, the Committee shall submit a recommendation to the Nevada Tax Commission

that sets forth the amount of the recommended adjustment. If the Committee determines that the adjustment is not appropriate, that decision

is not subject to review by the Nevada Tax Commission. 3. The Nevada Tax Commission shall schedule a public hearing within 30 days after

the Committee on Local Government Finance submits its recommendation. The Nevada Tax Commission shall provide public notice of the hearing at least 10 days

before the date on which the hearing will be held. The Executive Director shall provide copies of all documents relevant to the adjustment

recommended by the Committee on Local Government Finance to the governing body of

each local government and special district that is located in the same county as the

local government or special district that is subject to the recommended adjustment. 4. If, after the public hearing, the Nevada Tax Commission determines that the recommended

adjustment is appropriate, it shall order the Executive Director to adjust the amount

allocated to the local government or special district pursuant to NRS 360.680 .