427A.450 - Legislative findings and declaration.
427A.450 Legislative findings and declaration.
1. The Legislature finds that:
(a) Many senior citizens of this state live on limited incomes that remain fixed while property taxes and other costs continually rise.
(b) The erosion of the income of senior citizens in terms of true value threatens to destroy the ability of many to retain ownership of the homes in which they had planned to spend their later years.
(c) Senior citizens are often forced to divert an excessive portion of their incomes into the property taxes on their homes, thus leaving an insufficient amount of money for other things essential to their well-being.
(d) Many senior citizens who rent their homes or lots for mobile homes also pay an excessive portion of their income for property taxes through rental payments.
2. The Legislature therefore declares that:
(a) It is the public policy of this state to provide assistance to its senior citizens who are carrying an excessive burden of taxes or rent on residential property in relation to income.
(b) The purpose of the provisions of NRS 427A.450 to 427A.600, inclusive, is to provide relief to eligible senior citizens, through a system of refunds for property taxes or rent from the Senior Citizens’ Property Tax Assistance Account.
(Added to NRS by 2001, 2655)