42-12004

42-12004. Class four property

A. For purposes of taxation, class four is established consisting of:

1. Real and personal property and improvements to the property that are used solely
as leased or rented property for residential purposes, that are not included in class
one, two, three, six, seven or eight and that are valued at full cash value.

2. Child care facilities that are licensed under title 36, chapter 7.1 and that are
valued at full cash value.

3. Real and personal property and improvements to property that are used to operate
nonprofit residential housing facilities that are structured to house or care for persons
who are handicapped or sixty-two years of age or older and that are valued at full cash
value.

4. Real and personal property and improvements that are used to operate licensed
residential care institutions or licensed nursing care institutions that provide medical
services, nursing services or health related services and that are structured to house or
care for persons who are handicapped or sixty-two years of age or older and that are
valued at full cash value.

5. Real and personal property consisting of no more than six rooms of
owner-occupied residential property that are leased or rented to transient lodgers at no
more than a fifty per cent average annual occupancy rate, together with furnishing no
more than a breakfast meal, by the owner of the property and that is valued at full cash
value.

6. Real and personal property consisting of residential dwellings that are
maintained for occupancy by agricultural employees as a condition of employment or as a
convenience to the employer, that is not included in class three and that is valued at
full cash value. The land associated with these dwellings shall be valued as
agricultural land pursuant to chapter 13, article 3 of this title.

7. Real property and improvements to property constituting common areas that are
valued pursuant to chapter 13, article 9 of this title.

8. Real and personal property that is defined as timeshare property by section
32-2197 and valued pursuant to chapter 13, article 10 of this title, except for any
property used for commercial, industrial or transient occupancy purposes and included in
class one to the extent of that use.

B. Subsection A, paragraphs 3 and 4 of this section shall not be construed to limit
eligibility for exemption from taxation under chapter 11, article 3 of this title.