Nevada Revised Statutes Title 27. Public Property and Purchasing § 333A.0904. Installment-purchase and lease-purchase contracts: Property that is subject of contract is exempt from ad valorem property taxation under certain circumstances and is to be deemed property of State or using agency for purposes of statutory limits on damages

1. Is exempt from ad valorem property taxation by this State and its political subdivisions if:

2. Shall be deemed to be the property of this State or the using agency that is a party to the installment-purchase contract or lease-purchase contract for the purposes of statutory limits on damages that may be awarded against this State, including, without limitation, the limits in chapter 41 of NRS, with respect to any action or claim, including a claim for civil damages, that arises from or is related to the property and is brought by a person who is not a party to the installment-purchase contract or lease-purchase contract if: