Nev. Rev. Stat. § 371.106 — Owner to notify Department of cessation of exemption; penalty

1.  Whenever any vehicle ceases to be
exempt from taxation under NRS 371.101 , 371.102 , 371.103
or 371.104 because the owner no longer
meets the requirements for the exemption provided in those sections, its owner
shall immediately notify the Department of the fact.
2.  If a person fails to notify the
Department as required by subsection 1 and as a result of such failure is
allowed a tax exemption to which he or she is not entitled, there shall be
added to and collected with the tax otherwise due a penalty equal to double the
amount of the tax. If the person’s failure is fraudulent and results in his or
her receiving a tax exemption to which he or she is not entitled, the person is
also guilty of a gross misdemeanor.