Nevada Revised Statutes 375.023 – Imposition of additional tax; rate and collection of tax; disposition of proceeds; reimbursement for cost of collection
1. In addition to all other taxes imposed on transfers of real property, a tax, at the rate of $1.30 on each $500 of value or fraction thereof, is hereby imposed on each deed by which any lands, tenements or other realty is granted, assigned, transferred or otherwise conveyed to, or vested in, another person, or land sale installment contract, if the consideration or value of the interest or property conveyed exceeds $100.
Terms Used In Nevada Revised Statutes 375.023
- Contract: A legal written agreement that becomes binding when signed.
- county: includes Carson City. See Nevada Revised Statutes 0.033
- Deed: The legal instrument used to transfer title in real property from one person to another.
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
2. The amount of the tax must be computed on the basis of the value of the transferred property as declared pursuant to NRS 375.060.
3. The county recorder of each county shall collect the tax in the manner provided in NRS 375.030, except that the amount collected must be transmitted to the State Controller for deposit in the State General Fund within 30 days after the end of the calendar quarter during which the tax was collected.
4. The county recorder of each county may deduct and withhold from the taxes collected 1 percent of those taxes to reimburse the county for the cost of collecting the tax.