What Is The Partial Abatement?
NRS 361.471-361.4735 provides for a partial abatement of taxes by limiting or “capping” the amount a tax bill can increase from year to year. The increase is limited to 3% for an owner occupied primary residence (single-family home, townhouse, condominium or manufactured home) and certain qualified rental properties. Tax bills for all other properties (residences that are not owner occupied, land, commercial buildings, business personal property, aircraft, etc.) are limited to a percentage not to exceed 8%. • If the property is your primary residence within the State of Nevada, the abatement equals the amount of taxes that exceed last year`s tax bill plus 3%. • If the property contains rental unit(s) and the rent on all units within the property are at or below the fair market rent for the county in which the dwelling is located, as most recently published by the United States Department of Housing and Urban Development, the abatement equals the amount of taxes which exceed last year`s
