Nevada Revised Statutes Title 32. Revenue and Taxation § 361.111. Exemption of certain property of Archaeological Conservancy, Nature Conservancy, American Land Conservancy and Nevada Land Conservancy

1. Except as otherwise provided in subsections 2 and 3, all real property and improvements thereon acquired by the Archaeological Conservancy, Nature Conservancy, American Land Conservancy or Nevada Land Conservancy are exempt from taxation if:

2. When the Archaeological Conservancy, Nature Conservancy, American Land Conservancy or Nevada Land Conservancy transfers property it has held for purposes of education, environmental protection or conservation to any person, partnership, association, corporation or entity other than the Federal Government, the State or a local governmental unit, the property must be assessed at the rate set for first-class pasture by the Nevada Tax Commission for each year it was exempt pursuant to subsection 1 and the taxes must be collected as other taxes under this chapter are collected.

3. When the Archaeological Conservancy, Nature Conservancy, American Land Conservancy or Nevada Land Conservancy transfers property it has held for purposes other than education, environmental protection or conservation to any person, partnership, association, corporation or entity other than the Federal Government, the State or a local governmental unit, the tax imposed by this chapter must be assessed against the property for each year it was exempt pursuant to subsection 1 and collected in the manner provided in this chapter.

4. The Nevada Tax Commission shall adopt regulations specifying the criteria for determining when property is held by the Archaeological Conservancy, Nature Conservancy, American Land Conservancy or Nevada Land Conservancy for purposes of education, environmental protection or conservation.