1. Except as otherwise provided in this section, household goods and furniture are exempt from taxation.
2. Except as otherwise provided in subsection 3, appliances and furniture which are owned by a person who engages in the business of renting the appliances or furniture to other persons are not exempt from taxation.
3. Except as otherwise provided in this subsection, the assessment of rented or leased appliances or furniture, or both, of a time-share project governed by the provisions of chapter 119A of NRS, which contains five or more units, must be reduced by a percentage equal to the average percentage of time that all of the units are occupied by an owner of a time share in the project. If the units of the time-share project are occupied by owners of time shares in the project for an average of more than 90 percent of the fiscal year, the rented or leased appliances or furniture, or both, are exempt from taxation. As used in this subsection:
(a) “Owner” has the meaning ascribed to it in NRS 119A.056.
(b) “Unit” has the meaning ascribed to it in NRS 119A.160.
4. As used in this section:
(a) “Household goods and furniture” includes, without limitation, the following items if used in a residence:
(1) Clothing;
(2) Personal effects;
(3) Gold and silver;
(4) Jewelry;
(5) Appliances that are not attached to real property or a mobile or manufactured home;
(6) Furniture;
(7) Recreational equipment not required by NRS to be registered; and
(8) Portable goods and storage sheds and other household equipment.
(b) “Engages in the business of renting appliances or furniture” means:
(1) Renting or leasing appliances or furniture, or both, to other persons not in conjunction with the rental or lease of a dwelling unit; or
(2) Renting or leasing appliances or furniture, or both, to other persons in conjunction with the rental or lease of a dwelling unit located in a complex containing five or more dwelling units which are rented or leased by the owner to other persons in conjunction with appliances or furniture, or both.
(Added to NRS by 1979, 1233; A 1983, 1192; 1989, 169; 1997, 1569; 2001, 1545; 2005, 2648)
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