Sale or lease of certain real property: Determination that sale or lease is in best interest of city; notice; appraisal; exceptions; second offering; evaluation for use of real property for development of attainable housing; effect of sale or lease in violation of section.
Nev. Rev. Stat. § 268.061
in effect1. Except as otherwise provided in this section and NRS 268.048 to 268.058 , inclusive, 268.063 , 268.064 , 278.479 to 278.4965 , inclusive, and subsection 4 of NRS 496.080 , except as otherwise provided by federal law, except as otherwise required pursuant to a cooperative agreement entered into pursuant to NRS 277.050 or 277.053 or an interlocal agreement in existence on October 1, 2004, except if the governing body is entering into a joint development agreement for real property owned by the city to which the governing body is a party, except for a lease of residential property with a term of 1 year or less, except for the sale or lease of real property to a public utility, as defined in NRS 704.020 , to be used for a public purpose and except for the sale or lease of real property larger than 1 acre which is approved by the voters at a primary or general election, primary or general city election or special election:
(a) If a governing body has determined by resolution that the sale or lease of any real property owned by the city will be in the best interest of the city, it may sell or lease the real property in the manner prescribed for the sale or lease of real property in NRS 268.062 .
(b) Before the governing body may sell or lease any real property as provided in paragraph (a), it shall:
(1) Post copies of the resolution described in paragraph (a) in three public places in the city; and
(2) Cause to be published at least once a week for 3 successive weeks, in a newspaper qualified under chapter 238 of NRS that is published in the county in which the real property is located, a notice setting forth:
(I) A description of the real property proposed to be sold or leased in such a manner as to identify it;
(II) The minimum price, if applicable, of the real property proposed to be sold or leased; and
(III) The places at which the resolution described in paragraph (a) has been posted pursuant to subparagraph (1), and any other places at which copies of that resolution may be obtained.
Ê If no qualified newspaper is published within the county in which the real property is located, the required notice must be published in some qualified newspaper printed in the State of Nevada and having a general circulation within that county.
(c) If the governing body by its resolution finds additionally that the real property to be sold is worth more than $1,000, the governing body shall, as applicable, conduct an appraisal or appraisals pursuant to NRS 268.059 to determine the value of the real property. Except for real property acquired pursuant to NRS 371.047 , the governing body shall not sell or lease it for less than:
(1) If two independent appraisals were obtained, the average of the appraisals of the real property.
(2) If only one independent appraisal was obtained, the appraised value of the real property.
(d) If the real property is appraised at $1,000 or more, the governing body may:
(1) Lease the real property; or
(2) Sell the real property for:
(I) Cash; or
(II) Not less than 25 percent cash down and upon deferred payments over a period of not more than 10 years, secured by a mortgage or deed of trust bearing such interest and upon such further terms as the governing body may specify.
(e) A governing body may sell or lease any real property owned by the city without complying with the provisions of this section and NRS 268.059 and 268.062 to:
(1) A person who owns real property located adjacent to the real property to be sold or leased if the governing body has determined by resolution that the sale or lease will be in the best interest of the city and the real property is a:
(I) Remnant that was separated from its original parcel due to the construction of a street, alley, avenue or other thoroughfare, or portion thereof, flood control facility or other public facility;
(II) Parcel that, as a result of its size, is too small to establish an economically viable use by anyone other than the person who owns real property adjacent to the real property offered for sale or lease; or
(III) Parcel which is subject to a deed restriction prohibiting the use of the real property by anyone other than the person who owns real property adjacent to the real property offered for sale or lease.
(2) The State or another governmental entity if:
(I) The sale or lease restricts the use of the real property to a public use; and
(II) The governing body adopts a resolution finding that the sale or lease will be in the best interest of the city.
(f) A governing body that disposes of real property pursuant to paragraph (e) is not required to offer to reconvey the real property to the person from whom the real property was received or acquired by donation or dedication.
(g) If real property that is offered for sale or lease pursuant to this section is not sold or leased at the initial offering of the contract for the sale or lease of the real property, the governing body may offer the real property for sale or lease a second time pursuant to this section. The governing body must obtain a new appraisal or appraisals, as applicable, of the real property pursuant to the provisions of NRS 268.059 before offering the real property for sale or lease a second time if:
(1) There is a material change relating to the title, zoning or an ordinance governing the use of the real property; or
(2) The appraisal or appraisals, as applicable, were prepared more than 6 months before the date on which the real property is offered for sale or lease the second time.
(h) If real property that is offered for sale or lease pursuant to this section is not sold or leased at the second offering of the contract for the sale or lease of the real property, the governing body may list the real property for sale or lease at the appraised value or average of the appraised value if two or more appraisals were obtained, as applicable, with a licensed real estate broker, provided that the broker or a person related to the broker within the first degree of consanguinity or affinity does not have an interest in the real property or an adjoining property. If the appraisal or appraisals, as applicable, were prepared more than 6 months before the date on which the real property is listed with a licensed real estate broker, the governing body must obtain one new appraisal of the real property pursuant to the provisions of NRS 268.059 before listing the real property for sale or lease at the new appraised value.
2. Before approving the sale or lease of real property owned by the city for the development of attainable housing, as defined in NRS 278.0105 , in addition to complying with the provisions of subsection 1, the governing body shall evaluate the capacity and commitment of the developer to provide long-term benefits to the city in a manner that promotes transparency and does not interfere with equitable competition. The developer shall submit to the governing body:
(a) Information that sets forth:
(1) The number of employees of the developer or any affiliate of the developer who are residents of this State; and
(2) The number of households in this State who live in attainable housing units that are owned or managed by the developer or any affiliate of the developer;
(b) A description of any previous project for which the developer received federal low-income housing tax credits, as defined in NRS 360.863 , with documentation of compliance with any federal requirements; and
(c) A description of any previous project where the developer has obtained additional federal low-income housing tax credits, as defined in NRS 360.863 , or alternative financing for the rehabilitation or resyndication of attainable housing. The description must include, without limitation, the name, location, number of units and cost per unit of the attainable housing.
3. If real property is sold or leased in violation of the provisions of this section:
(a) The sale or lease is void; and
(b) Any change to an ordinance or law governing the zoning or use of the real property is void if the change takes place within 5 years after the date of the void sale or lease.
Source: NV Statutes (Official Site)URL: https://www.leg.state.nv.us/nrs/NRS-268.htmlFetched: 10/4/2026