427A.515 - Homeowner’s refund: Entitlement; limitation.
427A.515 Homeowner’s refund: Entitlement; limitation.
1. A senior citizen whose home is placed upon the secured or unsecured tax roll, who has owned the home and maintained it as his or her primary residence since July 1 immediately preceding the filing of the claim of the senior citizen and whose household income is not more than $24,016, as adjusted pursuant to subsection 3, is entitled to a refund of the property tax accrued against the home, except as otherwise provided in subsection 2, as follows:
(a) If the amount of the applicant’s household income is at or below the federally designated level signifying poverty for a family unit of one or two, the applicant is entitled to a refund of 100 percent of the property taxes accrued.
(b) If the amount of the applicant’s household income is above the federally designated level signifying poverty for a family unit of one or two, the applicant is entitled to a refund of a percentage of the property taxes accrued based on a graduated schedule adopted by the Division.
2. The amount of the refund must not exceed the amount of the accrued property tax or $500, whichever is less.
3. The maximum allowable income to qualify for a refund set forth in subsection 1 must be adjusted for each fiscal year by adding to $24,016 the product of $24,016 multiplied by the percentage increase in the Consumer Price Index from December 2002 to the November preceding the fiscal year for which the adjustment is calculated.
(Added to NRS by 2001, 2657; A 2003, 2018)