This Municipality shall have the authority to tax real and personal property within the Municipal boundaries at its "true and actual value" for each of the following classes of property:
CLASSES OF PROPERTY
Class I | All tangible personal property exclusively in agriculture including horticulture and grazing; all products of agriculture (including livestock) while owned by the producer; all monies, and all notes, bonds, bills and accounts receivable, stocks and any other tangible property. |
Class II | All property owned, used, and occupied by the owner exclusively for residential purposes; all farms, including land used for horticulture and grazing, occupied and cultivated by their owners or bona fide tenants. |
Class III | All real and personal property situated inside of municipalities exclusive of Class I and II. |
Class IV | Property includes all real and personal property situated outside of municipalities exclusive of Class I and II and is therefore not taxable by this Municipality. |
(1978 Code Sec. 8-42)