1. Immediately upon the issuance of a certificate of allodial title, the State Treasurer shall transmit a copy of the certificate to the county assessor of the county in which the property is located.
2. Upon receipt of such a certificate, the county assessor shall make a notation on the tax roll and collect no further taxes from the allodial titleholder for the property, unless the allodial title is relinquished by the homeowner or his or her heirs.
3. The county assessor shall, in lieu of all requirements concerning notification of a taxpayer for the amount due pursuant to this chapter, notify the State Treasurer of the annual taxes due based on the date of the certificate of allodial title. The State Treasurer shall pay the amounts due for taxes pursuant to this chapter, as those amounts become due, from the Allodial Title Trust Account.
4. If, at the time a payment becomes due, the subaccount for the property upon which the taxes are due does not contain an amount sufficient to make the payment, the State Treasurer shall make up the deficiency with money from the Allodial Title Subaccount for Stabilization. If the money in the Allodial Title Subaccount for Stabilization is not sufficient to make up the deficiency, the State Treasurer shall use all money available in the subaccount for the property and the Allodial Title Subaccount for Stabilization, if any, to make a partial payment of the amount due. If no money is available in either subaccount, the State Treasurer shall notify the county treasurer. Any deficiency in tax proceeds resulting from the partial or nonpayment of taxes pursuant to this section must be borne by each of the entities that would have received the proceeds, including the State, in the same proportion as the tax rate of the entity bears to the total tax rate for the property.
(Added to NRS by 1997, 3408)
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