Nev. Rev. Stat. § 361.145 — Exemptions of noncommercial theaters

The
buildings, furniture and equipment of noncommercial theaters owned and operated
by nonprofit educational corporations organized for the exclusive purpose of
conducting classes in theater practice and the production of plays on a
nonprofessional basis shall be exempt from taxation. Such corporation shall
provide in its articles of incorporation that the property for which the tax
exemption is requested shall revert to the county in which it is located upon
the cessation of the activities of the noncommercial theater.