Whenever property in any redevelopment project has been redeveloped and thereafter is leased by the redevelopment agency to any person or persons or whenever the agency leases real property in any redevelopment project to any person or persons for redevelopment, the property shall be assessed and taxed in the same manner as privately owned property, and the lease or contract shall provide that the lessee shall pay taxes upon the assessed value of the entire property and not merely upon the assessed value of the lessee’s leasehold interest.
NRS 279.678
Assessment and taxation of leased redeveloped property; provision in lease for lessee to pay taxes
Known as the Community Redevelopment Law
The act spans §§ 279–279 (157 sections).
(Added to NRS by 1959, 672)
Official source: Nevada Legislature. Reproduced from public-domain Nevada statutes; confirm against the official source for the current text. Not legal advice.