(1) | Real property used for residential purposes including multi-familyresidential real property and real property necessary toaccommodate a residential community of mobile or manufacturedhomes including the real property upon which such homes arelocated | 11½% |
(2) | Land devoted to agricultural use which shall be valued upon thebasis of its agricultural income or agricultural productivitypursuant to 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-profitorganization not subject to federal income taxation pursuant tosection 501 of the federal internal revenue code, and which isincluded in this subclass by law | 12% |
(5) | Public utility real property, except railroad real property whichshall be assessed at the average rate that all other commercial andindustrial property is assessed | 33% |
(6) | Real property used for commercial and industrial purposes andbuildings and other improvements located upon land devoted toagricultural 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 | 11½% |
(2) | Mineral leasehold interests except oil leasehold interests theaverage daily production from which is five barrels or less, andnatural gas leasehold interests the average daily production fromwhich is 100 mcf 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 othercommercial 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 retailcost when new less seven-year straight-line depreciation, or which,if its economic life is less than seven years, shall be valued at itsretail cost when new less straight-line depreciation over itseconomic life, except that, the value so obtained for such property,notwithstanding its economic life and as long as such property isbeing used, shall not be less than 20% of the retail cost when newof such property | 25% |
(6) | All other tangible personal property not otherwise specificallyclassified | 30% |
JANET E. JONES, Chief Clerk.