Nevada Revised Statutes 361.099 – Exemption of certain real and personal property leased or rented to Nevada System of Higher Education
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All real and personal property which is leased or rented to the Nevada System of Higher Education for total consideration which is less than 10 percent of the fair market rental or lease value of the property is hereby deemed to be used for an educational purpose and is exempt from taxation.
Terms Used In Nevada Revised Statutes 361.099
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Personal property: All property that is not real property.