Nevada § 361.505 - Migratory property: Definition; placement on unsecured tax roll; proration of tax

§ 361.505. Migratory property: Definition; placement on unsecured tax roll; proration of tax

1. As used in NRS 361.505 to 361.5607 , inclusive, “migratory property” means any movable personal property which the county

assessor expects will not remain in the county for a full fiscal year. 2. Each county assessor, when he or she assesses the migratory property of any person

liable to taxation, shall place it on the unsecured tax roll. 3. The county assessor shall prorate the tax on migratory property brought into or

entering the State or county for the first time during the fiscal year by reducing

the tax one-twelfth for each full month which has elapsed since the beginning of the

fiscal year. Where such property is owned by a person who does own real estate in the county of

sufficient value in the county assessor's judgment to pay the taxes on both the real

and personal property of the person, the tax on the personal property for the fiscal

year in which the property was moved into the State or county, prorated, may be collected

all at once or by installments as permitted by NRS 361.483 for property assessed upon the real property tax roll. The tax on personal property first assessed in May or June may be added to the tax

on that property for the ensuing fiscal year and collected concurrently with it. 4. The person who pays such taxes is not thereby deprived of his or her right to have

the assessment equalized, and if, upon equalization, the value is reduced, the taxes

paid must be refunded to that person from the county treasury, upon the order of the

county board of equalization or State Board of Equalization in proportion to the reduction

of the value made.