(1) Real property used for residential purposes including multi-family residential real property and real property necessary to accommodate a res-idential community of mobile or manufactured homes including the realproperty upon which such homes are located | 11½% |
(2) Land devoted to agricultural use which shall be valued upon the basis ofits agricultural income or agricultural productivity pursuant to section 12of article 11 of the constitution | 30% |
(3)Vacant lots | 12% |
(4) Real property which is owned and operated by a not-for-profit organiza-tion not subject to federal income taxation pursuant to section 501 of thefederal internal revenue code, and land which is devoted to recreationaluse, and which real property or land is included in this subclass bylaw | 12% |
(5) Public utility real property, except railroad real property which shall beassessed at the average rate that all other commercial and industrial prop-erty is assessed | 33% |
(6) Real property used for commercial and industrial purposes and buildingsand other improvements located upon land devoted to agricultural 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
(1) Mobile homes used for residential purposes | 11½% |
(2) Mineral leasehold interests except oil leasehold interests the average dailyproduction from which is five barrels or less, and natural gas leaseholdinterests the average daily production from which is 100 mcf or less, whichshall be assessed at 25% | 30% |
(3) Public utility tangible personal property including inventories thereof, ex-cept railroad personal property including inventories thereof, which shallbe assessed at the average rate all other commercial and industrial prop-erty 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) mercial and industrial machinery and equipment which, if its economiclife is seven years or more, shall be valued at its retail cost when new lessseven-year straight-line depreciation, or which, if its economic life is lessthan seven years, shall be valued at its retail cost when new less straight-line depreciation over its economic life, except that, the value so obtainedfor such property, notwithstanding its economic life and as long as suchproperty is being used, shall not be less than 20% of the retail cost whennew of such property | 25% |
(6) All other tangible personal property not otherwise specificallyclassified | 30% |
``(b) All property used exclusively for state, county, municipal, literary, educational, JANET E. JONES, Chief Clerk.