Nevada Revised Statutes 375.026 – Optional imposition of additional tax in certain counties; rate and collection of tax; disposition and use of proceeds
1. In addition to all other taxes imposed on transfers of real property, the board of county commissioners of a county whose population is less than 700,000 may impose a tax at the rate of up to 5 cents for each $500 of value, or fraction thereof, 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 375.026
- 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
- population: means the number of people in a specified area as determined by the last preceding national decennial census conducted by the Bureau of the Census of the United States Department of Commerce pursuant to Section 2 of Article I of the Constitution of the United States and reported by the Secretary of Commerce to the Governor pursuant to 13 U. See Nevada Revised Statutes 0.050
- 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 real property that is the subject of the transfer or land sale installment contract as declared pursuant to NRS 375.060.
3. The county recorder shall collect the tax in the manner provided in NRS 375.030, except that he or she shall transmit all the proceeds from the tax imposed pursuant to this section to the State Treasurer for use as required by NRS 561.355.