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(1) | | Real property used for residential purposes including multi-family residential real property and real property necessaryto accommodate a residential community of mobile ormanufactured homes including the real property upon whichsuch homes are located | 111/2% |
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(2) | | Land devoted to agricultural use which shall be valued uponthe basis of its agricultural income or agriculturalproductivity pursuant to section 12 of article 11 of theconstitution | 30% |
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(3) | | Vacant lots | 12% |
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(4) | | Real property which is owned and operated by a not-for-profit organization not subject to federal income taxationpursuant to section 501 of the federal internal revenue code,and which is included in this subclass by law | 12% |
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(5) | | Public utility real property, except railroad real propertywhich shall be assessed at the average rate that all othercommercial and industrial property is assessed | 33% |
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(6) | | Real property used for commercial and industrial purposesand buildings and other improvements located upon landdevoted to agricultural use | 25% |
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(7) | | All other urban and rural real property not otherwisespecifically subclassified | 30% |
Class 2 shall consist of tangible personal property. Such tangible personal property shall
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(1) | | Mobile homes used for residential purposes | 111/2% |
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(2) | | Mineral leasehold interests except oil leasehold interests theaverage daily production from which is five barrels or less,and natural gas leasehold interests the average dailyproduction from which is 100 mcf or less, which shall beassessed at 25% | 30% |
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(3) | | Public utility tangible personal property includinginventories thereof, except railroad personal propertyincluding inventories thereof, which shall be assessed at theaverage rate all other commercial and industrial property isassessed | 33% |
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(4) | | All categories of motor vehicles not defined and specificallyvalued and taxed pursuant to law enacted prior to January 1,1985 | 30% |
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(5) | | Commercial and industrial machinery and equipment which,if its economic life is seven years or more, shall be valued atits retail cost when new less seven-year straight-linedepreciation, or which, if its economic life is less than sevenyears, shall be valued at its retail cost when new less straight-line depreciation over its economic life, except that, the valueso obtained for such property, notwithstanding its economiclife and as long as such property is being used, shall not beless than 20% of the retail cost when new of suchproperty | 25% |
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(6) | | All other tangible personal property not otherwisespecifically classified | 30% |
(b) All property used exclusively for state, county, municipal, literary, educational, JANET E. JONES, Chief Clerk.