1. Whenever any vehicle ceases to be exempt from taxation under NRS 371.101 , 371.102 , 371.103 or 371.104 because the owner no longer meets the requirements for the exemption provided in those sections, its owner shall immediately notify the Department of the fact. 2. If a person fails to notify the Department as required by subsection 1 and as a result of such failure is allowed a tax exemption to which he or she is not entitled, there shall be added to and collected with the tax otherwise due a penalty equal to double the amount of the tax. If the persons failure is fraudulent and results in his or her receiving a tax exemption to which he or she is not entitled, the person is also guilty of a gross misdemeanor.
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