(1) Real property used for residential purposes including multi-familyresidential real property and real property necessary to accommo-date a residential community of mobile or manufactured homes in-cluding the real property upon which such homes are located | 111/2% |
(2) Land devoted to agricultural use which shall be valued upon thebasis of its agricultural income or agricultural productivity pursuantto section 12 of article 11 of the constitution | 30% |
(3) Vacant lots | 12% |
(4) Real property which is owned and operated by a not-for-profit or-ganization not subject to federal income taxation pursuant to section501 of the federal internal revenue code, and which is included inthis subclass by law | 12% |
(5) Public utility real property, except railroad real property which shallbe assessed at the average rate that all other commercial and indus-trial property is assessed | 33% |
(6) Real property used for commercial and industrial purposes andbuildings and other improvements located upon land devoted to ag-ricultural use | 25% |
(7) All other urban and rural real property not otherwise specificallysubclassified | 30% |
Class 2 shall consist of tangible personal property. Such tangible personal property shall
(1) Mobile homes used for residential purposes | 111/2% |
(2) Mineral leasehold interests except oil leasehold interests the averagedaily production from which is five barrels or less, and natural gasleasehold interests the average daily production from which is 100mcf or less, which shall be assessed at 25% | 30% |
(3) Public utility tangible personal property including inventoriesthereof, except railroad personal property including inventoriesthereof, which shall be assessed at the average rate all other com-mercial and industrial property is assessed | 33% |
(4) All categories of motor vehicles not defined and specifically valuedand taxed pursuant to law enacted prior to January 1, 1985 | 30% |
(5) Commercial and industrial machinery and equipment which, if itseconomic life is seven years or more, shall be valued at its retail costwhen new less seven-year straight-line depreciation, or which, if itseconomic life is less than seven years, shall be valued at its retail costwhen new less straight-line depreciation over its economic life, ex-cept that, the value so obtained for such property, notwithstandingits economic life and as long as such property is being used, shallnot be less than 20% of the retail cost when new of suchproperty | 25% |
(6) All other tangible personal property not otherwise specificallyclassified | 30% |
(b) All property used exclusively for state, county, municipal, literary, educational, sci-
(1) Real property used for residential purposes including multi-family residential real property and real property necessary to accommodate aresidential community of mobile or manufactured homes including thereal property upon which such homes are located | 111/2% |
(2) Land devoted to agricultural use which shall be valued upon the basisof its agricultural income or agricultural productivity pursuant to section12 of article 11 of the constitution | 30% |
(3)Vacant lots | 12% |
(4) Real property which is owned and operated by a not-for-profit organi-zation not subject to federal income taxation pursuant to section 501 ofthe federal internal revenue code, and which is included in this subclassby law | 12% |
(5) Public utility real property, except railroad real property which shall beassessed at the average rate that all other commercial and industrialproperty is assessed | 33% |
(6) Real property used for commercial and industrial purposes and build-ings and other improvements located upon land devoted to agriculturaluse | 25% |
(7) All other urban and rural real property not otherwise specifically sub-classified | 30% |
Class 2 shall consist of tangible personal property. Such tangible personal property shall
(1) Mobile homes used for residential purposes | 111/2% |
(2) Mineral leasehold interests except oil leasehold interests the averagedaily production from which is five barrels or less, and natural gas lease-hold interests the average daily production from which is 100 mcf orless, which shall be assessed at 25% | 30% |
(3) Public utility tangible personal property including inventories thereof,except railroad personal property including inventories thereof, whichshall be assessed at the average rate all other commercial and industrialproperty is assessed | 33% |
(4) All categories of motor vehicles not defined and specifically valued andtaxed pursuant to law enacted prior to January 1, 1985 | 30% |
(5) Commercial and industrial machinery and equipment which, if its ec-onomic life is seven years or more, shall be valued at its retail cost whennew less seven-year straight-line depreciation, or which, if its economiclife is less than seven years, shall be valued at its retail cost when newless straight-line depreciation over its economic life, except that, thevalue so obtained for such property, notwithstanding its economic lifeand as long as such property is being used, shall not be less than 20%of the retail cost when new of such property | 25% |
(6) All other tangible personal property not otherwise specifically classified | 30% |
(b) All property used exclusively for state, county, municipal, literary, educational, sci-