42-12002

42-12002. Class two property

For purposes of taxation, class two is established consisting of two subclasses:

1. Class two (R) consists of:

(a) Real property and improvements to property that are used for agricultural
purposes and that are valued at full cash value or pursuant to chapter 13, article 3 of
this title, as applicable.

(b) Real property and improvements to property that are primarily used for
agricultural purposes to produce trees other than standing timber, vines, rosebushes,
ornamental plants or other horticultural crops, regardless of whether the crop is grown
in containers, soil or any other medium, that are not included in class one, three, four,
six, seven or eight and that are valued at full cash value or pursuant to chapter 13,
article 3 of this title, as applicable.

(c) Real property and improvements to property that are owned and controlled by a
nonprofit organization that is exempt from taxation under section 501(c)(3), (4), (7),
(10) or (14) of the internal revenue code if the property is not used or intended for the
financial benefit of members of the organization or any other individual or organization,
unless the financial benefit is for charitable, religious, scientific, literary or
educational purposes, and that are valued at full cash value.

(d) Real property of golf courses that is valued at full cash value or pursuant to
chapter 13, article 4 of this title.

(e) All other real property and improvements to property, if any, that are not
included in class one, three, four, six, seven or eight and that are valued at full cash
value.

2. Class two (P) consists of:

(a) Personal property that is used for agricultural purposes and that is valued at
full cash value or pursuant to chapter 13, article 3 of this title, as applicable.

(b) Personal property that is primarily used for agricultural purposes to produce
trees other than standing timber, vines, rosebushes, ornamental plants or other
horticultural crops, regardless of whether the crop is grown in containers, soil or any
other medium, that is not included in class one, three, four, six, seven or eight and
that is valued at full cash value or pursuant to chapter 13, article 3 of this title, as
applicable.

(c) Personal property that is owned and controlled by a nonprofit organization that
is exempt from taxation under section 501(c)(3), (4), (7), (10) or (14) of the internal
revenue code if the property is not used or intended for the financial benefit of members
of the organization or any other individual or organization, unless the financial benefit
is for charitable, religious, scientific, literary or educational purposes, and that is
valued at full cash value.

(d) Personal property of golf courses that is valued at full cash value or pursuant
to chapter 13, article 4 of this title.

(e) All other personal property that is not included in class one, three, four,
six, seven or eight and that is valued at full cash value.