Nev. Rev. Stat. § 361.159 — Exempt personal property subject to taxation if used in business conducted for profit; exceptions

NRS  361.159    Exempt personal property subject to taxation if used in business
conducted for profit; exceptions.
1.  Except as otherwise provided in
subsection 3, when personal property, or a portion of personal property, which
for any reason is exempt from taxation is leased, loaned or otherwise made
available to and used by a natural person, association or corporation in
connection with a business conducted for profit, the leasehold interest,
possessory interest, beneficial interest or beneficial use of any such lessee
or user of the property is subject to taxation to the extent the:
(a) Portion of the property leased or used; and
(b) Percentage of time during the fiscal year
that the property is leased to the lessee or used by the user, in accordance
with NRS 361.2275 ,
Ê can be
segregated and identified. The taxable value of the interest or use must be
determined in the manner provided in subsection 3 of NRS 361.227 and in accordance with NRS 361.2275 .
2.  Taxes must be assessed to lessees or
users of exempt personal property and collected in the same manner as taxes
assessed to owners of other personal property, except that taxes due under this
section do not become a lien against the personal property. When due, the taxes
constitute a debt due from the lessee or user to the county for which the taxes
were assessed and, if unpaid, are recoverable by the county in the proper court
of the county.
3.  The provisions of this section do not
apply to personal property:
(a) Used in vending stands operated by persons
who are blind under the auspices of the Bureau of Services to Persons Who Are
Blind or Visually Impaired of the Rehabilitation Division of the Department of
Employment, Training and Rehabilitation.
(b) Owned by a public airport and used for the
purposes of the public airport.

Exemption of Personal Property in Transit (Free Port)