Nev. High Court Says Property Tax Abatement Not Retroactive

Law360, New York (December 13, 2013, 1:29 PM EST) -- The Nevada Supreme Court ruled Thursday that a Nevada Tax Commission regulation that values divided land parcels for tax abatement purposes doesn't apply retroactively because the commission didn't intend the regulation to be used in that manner.

Thursday's ruling hands a loss to property company LB Properties Inc., which said a divided property it owns in Clark County, Nev., should have been valued based on the new regulation, even though its parcel was divided before the regulation went into effect. But in an en banc decision,...
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