1.  Except as otherwise provided in subsection 2, all real and personal property of Pershing County Kids, Horses, Rodeo Inc. in the State of Nevada is exempt from taxation.

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2.  If any property exempt from taxation pursuant to subsection 1 is used for any purpose other than carrying out the legitimate functions of Pershing County Kids, Horses, Rodeo Inc., and a rent or other valuable consideration is received for its use, the property must be taxed, unless the rent or other valuable consideration is paid or given by an organization that qualifies as a tax exempt organization pursuant to 26 U.S.C. § 501(c)(3).