Nevada Revised Statutes 354.597 – Tentative budget and final budget: Reduction of estimate of revenues by amount of taxes ad valorem expected to be delinquent
1. In preparing a tentative budget, the governing body of a local government, except a school district, which determines that the amount of revenue to be received from taxes ad valorem during the ensuing fiscal year will be reduced because one or more lessees or users of property which is taxable pursuant to NRS 361.157 or 361.159 will be delinquent in paying the tax, may, upon approval by the Executive Director of the Department of Taxation, reduce the estimate of revenue from taxes ad valorem by the amount of the tax expected to be delinquent.
Terms Used In Nevada Revised Statutes 354.597
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
2. In adopting a final budget, the governing body of a local government, except a school district, shall reduce the estimate of revenue from taxes ad valorem by the amount determined pursuant to subsection 1, unless the governing body has determined since the preparation of the tentative budget that some or all of the tax expected to be delinquent will be paid. The governing body shall increase the estimate of revenue from taxes ad valorem by the amount of tax no longer expected to be delinquent, if any.
3. The provisions of this section do not affect the calculation of the limitation upon revenue from taxes ad valorem pursuant to NRS 354.59811 or any estimate of assessed valuation used to distribute revenue among local governments or determine the debt limit of the State, a local government or a school district.