The Executive Director of the Department of Taxation shall decrease the rate of property tax otherwise allowed to be levied pursuant to chapter 354 of NRS by each incorporated city in a county whose population is 700,000 or more, and each such incorporated city shall accordingly decrease its property tax levy, for each fiscal year in which money will be distributed pursuant to NRS 463.325, by an amount which when multiplied by the assessed valuation of the incorporated city for the previous fiscal year would produce revenue equal to 25 percent of the amount allocated to the incorporated city pursuant to NRS 463.325 in the fiscal year in which the distribution will be received.
(Added to NRS by 1997, 1298; A 2011, 1283)