361.086 - Exemption of certain property used for housing elderly persons or persons with disabilities. - Nevada Statutes

361.086  Exemption of certain property used for housing elderly persons or persons with disabilities.  All real property and tangible personal property used exclusively for housing and related facilities for elderly persons or persons with disabilities are exempt from taxation if:

      1.  The property was wholly or partially financed by a loan under the Housing Act of 1959, as amended, 12 U.S.C. § 1701q; and

      2.  The property is owned or operated:

      (a) By a nonprofit corporation organized under the laws of the State of Nevada; or

      (b) By a nonprofit corporation organized under the laws of another state and qualified to do business as a nonprofit corporation under the laws of the State of Nevada.

      (Added to NRS by 1981, 717)