CLASSIFIED PROPERTY TAX RATE STRUCTURE

AS OF JULY 1, 2008

 

                                                                 REAL ESTATE

 

       Property                                       Statute                    State       County    School     City

         Type                                                                         Rate          Rate        Rate      Rate

 

RESIDENTIAL                                  132.020(1)(a)         12.2        Full         Full          Full

(Land & Improvements)

 

FARM                                                132.020(1)(a)         12.2        Full         Full          Full

(Land & Improvements)

 

COMMERCIAL                                132.020(1)(a)         12.2        Full         Full          Full

(Land & Improvements)                     

 

LEASEHOLD INTERESTS               132.020(1)(b)         1.5         None      None       None

(Owned & Financed by tax exempt organization)

 

MOBILE HOMES                             132.751                  12.2        Full         Full          Full

 

OIL PROPERTY                                132.820                  12.2        Full         Full          Full

(Producing and Undeveloped)

 

NATURAL GAS PROPERTY           132.820                  12.2        Full         Full          Full

(Producing & Undeveloped)

 

UNMINED COAL                             132.820                  12.2        Full         Full          Full

 

OTHER UNMINED MINERALS      132.820                  12.2        Full         Full          Full

 

TIMBER PROPERTY                        132.020                  12.2        Full         Full          Full

 

BROWNFIELDS                               132.020(1)(c)         1.5          None      None       None

(3 year limit to qualifying properties)

 

 

The tax rates are expressed in cents per $100 dollars of assessed value

 


                                                                              TANGIBLE PROPERTY

 

 Property                                                              Statute                            State           County      School        City

  Type                                                                                                            Rate            Rate            Rate            Rate

 

AGRICULTURAL PRODUCTS

In Hands of Producer or Agent                       132.020(1)(e)                  1.5               None          None          None

In Storage - Not at Mfg.                                    132.200                            1.5               4.5               None          4.5

Tobacco In Storage                                           132.020(1)(e)                  1.5               1.5               None          1.5

 

AIRCRAFT                                                        

Commercial                                                          132.020(1)                       45.0             Full             Full             Full

Non-Commercial                                                                                            1.5             ***             ***             ***

 

ALCOHOL PRODUCTION FACILITIES        132.020(1)                           .1             None          None          None

 

ART, COIN AND OTHER

NON-HOUSEHOLD COLLECTIONS                                                       45.0             Full             Full             Full

 

BUSINESS FURNITURE & FIXTURES          132.020(1)                       45.0             Full             Full             Full

 

BUSINESS EQUIPMENT                                  132.020(1)                       45.0             Full             Full             Full

(Non-manufacturing)

 

CONSTRUCTION EQUIPMENT                     132.020(1)                       45.0             Full             Full             Full

 

DISTILLED SPIRITS                                          132.020(1)(n)                    5.0             Full             Full             Full

 

DOCUMENTED BOATS                                  132.020                              1.5             ***             ***             ***

 

DRILLING & MINING EQUIPMENT              132.020(1)                       45.0             Full             Full             Full

 

FARM MACHINERY                                       

Used in Farming                                                                                              .1             None          None          None

Dealers Inventory Under Floor Plan Financing                                       5.0             None          None          None

 

FLUIDIZED BED ENERGY FACILITIES        132.020(1)                          .1              None          None          None

 

FOREIGN TRADE ZONE TANGIBLE PROPERTY                                   .1              None          None          None

 

INDUSTRIAL REVENUE BOND PROPERTY                                        1.5              None          None          None

 

INVENTORIES IN TRANSIT****                  132.190                            Exempt       Exempt       Exempt       Exempt

(In a warehouse or distribution center

for shipment to an out-of-state destination

within six months.)

 

LIVESTOCK & POULTRY                                132.020(1)(g)                     .1              None          None          None

 

MANUFACTURER’S MACHINERY              132.020(1)(i)                   15.0             None          None          None


                                                                              TANGIBLE PROPERTY (Continued)

 

 Property                                                              Statute                            State           County      School        City

  Type                                                                                                            Rate            Rate            Rate            Rate

 

MANUFACTURER'S RAW MATERIALS    132.020(1)(n)                    5.0             None          None          None

AND GOODS IN PROCESS

 

MANUFACTURER'S FINISHED GOODS      132.020(1)(n)                    5.0             Full            Full             Full

 

 

MATERIALS AND SUPPLIES                                                                 45.0             Full             Full             Full

 

MERCHANTS INVENTORY                            132.020(1)(n)                    5.0             ***            Full             ***

 

MOTOR VEHICLES

Regular                                                                 132.487                            45.0             Full             Full             Full

Recreational                                                        132.487                            45.0             Full             Full             Full

Apportioned                                                       136.187                               *               **              **              **

Historic                                                                132.020(1)                       25.0             None          None          None

Dealer’s Inventory                                             132.020                              5.0             None          None          None

 

POLLUTION CONTROL FACILITIES            132.020(1)(k)                  15.0             None          None          None

 

PRECIOUS METALS (Bullion)                        132.020(1)                       45.0             Full             Full             Full

 

PROFESSIONAL TRADE TOOLS                   132.020(1)                       45.0             Full             Full             Full

 

RADIO-TELEVISION-TELEPHONIC              132.020(1)(j)                   15.0             None          None          None

BROADCASTING EQUIPMENT

 

RAILROAD CARLINES                                    136.120                            *                 **              **              **

 

RAILROAD OPERATING PROPERTY          

Intrastate                                                                                                      10.0                *                 *                  *

Interstate                                                                                                         *                  *                 *                  *

 

RECYCLING EQUIPMENT                               132.200(15)                     45.0             None          None          None

 

RESEARCH LIBRARIES                                   132.020

(Non-public, Non-household)                                                                  45.0             Full             Full             Full

 

TELECOMMUNICATIONS EQUIPMENT    45.0                                  Full             Full             Full

(Non-broadcasting)

 

WATERCRAFT                                                 136.181                            45.0             Full             Full             Full

 

 

* Computed Annually

** Included in the state rate

***Local taxing district has the option of reducing or eliminating rate

****  As of 2002, inventories in transit are exempt for all taxing jurisdictions except special taxing districts with maximum rates of 10˘/$100.

 


                                                                              INTANGIBLE PROPERTY

                                                                                                                

Property                                                               Statute                            State           County      School        City

Type                                                                                                              Rate            Rate            Rate            Rate

                                                                                                                 

BANK DEPOSITS                                              132.030(1)                       .001             None          None          None

 

DOMESTIC LIFE INSURANCE:

Capital                                                                  136.320                                .1             15.0             None          15.0

Reserves                                                                                                           .1             None          None          None

 

SAVINGS AND LOAN ASSOCIATIONS      136.300(1)                       10.0             None          None          None

(and similar institutions) CAPITAL

 

Property Tax on most intangible property was repealed as of January 1, 2006 (HB 272, 2005)