Property that is exempt from taxation includes business inventory held for resale, consumable supplies, livestock, boats, and personal household belongings. In Nevada, property taxes are based on "assessed value.According to Nevada Revised Statutes, all property that is not defined or taxed as "real estate" or "real property" is considered to be "personal property. Page provides an overview of taxable (assessable) property. Describes why you received a Notice to File Letter and describes filing options. A completed declaration provides most of the information needed to determine the taxable value of the business personal property. 361.157 Exempt real estate subject to taxation if used as residence or in business conducted for profit; exceptions. See page 6 for details. All personal property used for the business should be listed completely and accurately. The cost and year of acquisition should be listed on the declaration.
