(1) | Real property used for residential purposes includingmulti-family residential real property and real propertynecessary to accommodate a residential community ofmobile or manufactured homes including the real propertyupon which such homes are located | 11|½% |
(2) | Land devoted to agricultural use which shall be valuedupon the basis of its agricultural income or agriculturalproductivity pursuant to section 12 of article 11 of theconstitution | 30% |
(3) | Vacant lots | 12% |
(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 revenuecode, and which is included in this subclass by law | 12% |
(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% |
(6) | Real property used for commercial and industrial purposesand buildings and other improvements located upon landdevoted to agricultural use | 25% |
(7) | All other urban and rural real property not otherwisespecifically subclassified | 30% |
Class 2 shall consist of tangible personal property. Such tangible personal property
(1) | Mobile homes used for residential purposes | 11|½% |
(2) | Mineral leasehold interests except oil leasehold intereststhe average daily production from which is five barrels orless, and natural gas leasehold interests the average dailyproduction from which is 100 mcf or less, which shall beassessed at 25% | 30% |
(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 propertyis assessed | 33% |
(4) | All categories of motor vehicles not defined and specificallyvalued and taxed pursuant to law enacted prior to January1, 1985 | 30% |
(5) | Commercial and industrial machinery and equipmentwhich, if its economic life is seven years or more, shall bevalued at its retail cost when new less seven-year straight-line depreciation, or which, if its economic life is less thanseven years, shall be valued at its retail cost when new lessstraight-line depreciation over its economic life, exceptthat, the value so obtained for such property,notwithstanding its economic life and as long as suchproperty is being used, shall not be less than 20% of theretail cost when new of such property | 25% |
(6) | All other tangible personal property not otherwisespecifically classified | 30% |
(b) All property used exclusively for state, county, municipal, literary, JANET E. JONES, Chief Clerk.