Classification

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  1. For purposes of taxation, all property shall be classified into three (3) classes, to wit: real property, tangible personal property and intangible personal property, and into such subclasses as may otherwise be established by law.
  2. The ratio of assessment to value of property in each class or subclass shall be equal and uniform throughout the state, and each respective taxing authority shall apply the same tax rate to all property within its jurisdiction.


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