Ad Valorem Tax
For purposes of assessment for ad valorem taxes, taxable property is divided into five (5) classes and is assessed at a percentage of its true value as follows:
|Class I||Single-family owner-occupied, residential real property||10%|
|Class II||All other real property, except real property in Class I or Class IV||15%|
|Class III||Personal property, except motor vehicles and Class IV property||15%|
|Class IV||Public service property assessed by the state or county except railroad and airline property||30%|
|Class V||Motor vehicles||30%|
In arriving at the true value of real property, the appraised value is to be made according to current use of property regardless of location. Laws provide a special mode of valuation and assessment for public service and railroad property not situated wholly in one county. All such property is assessed in proportion to its value according to its class, and no county or tax authority, is denied the right to levy county or other taxes upon such assessment as in other cases of property situated and assessed in the county. For the assessment of motor vehicles, laws provide a special mode of valuation, fixing the taxable year, date of tax lien, and method and date of assessing and collecting taxes.