For property tax purposes, property is divided into three classes: (1) real property; (2) tangible personal property; and (3) intangible personal property. Real property is subclassified as (1) residential, (2) agricultural/horticultural, and (3) utility, industrial, commercial, railroad, and all other. Property must be assessed uniformly within its own class or subclass.
Property is both classified and assessed in different manners. Property is classified as either real property or personal property. Real property is comprised of residential, commercial, and manufacturing property. Residential and Commercial property is assessed by the local assessor. The State assesses manufacturing property.