Article 4, Section 112. Equal taxation; property tax assessments.
Taxation shall be uniform and equal throughout the state. All property not exempt from ad valorem taxation shall be taxed at its assessed value. Property shall be assessed for taxes under general laws, and by uniform rules, and in proportion to its true value according to the classes defined herein. The Legislature may, by general laws, exempt particular species of property from taxation, in whole or in part.
The Legislature shall provide, by
general laws, the method by which the true value of taxable property shall
be ascertained; provided, however, in ar riving at the true value of Class
I and Class II
property, the appraisal shall be made according to current use, regardless of location. The Legislaturemay provide for a special mode of valuation and assessment for railroads, and railroad and other
corporate property, or for particular species of property belonging to persons, corporations or associations not situated wholly in one (1) county. All such property shall be assessed in proportion
to its value according to its class, and no county, or other taxing authority, shall be denied the right to
levy county and/or special taxes upon such assessment as in other cases of property situated and
assessed in the county, except that the Legislature, by general law, may deny or limit a county or
other taxing authority the right to levy county and/or special taxes on nuclear-powered electrical
generating plants. In addition to or in lieu of any such county and/or special taxes on
nuclear-powered electrical generating plants, the Legislature, by general law enacted by a majority
vote of the members of each house present and voting, may provide for a special mode of valuation,
assessment and levy upon nuclear-powered electrical generating plants and provide for the
distribution of the revenue derived therefrom. The Legislature may provide a special mode of
assessment, fixing the taxable year, date of the tax lien, and method and date of assessing and
collecting taxes on all motor vehicles.
The assessed value of property shall
be a percentage of its true value, which shall be known as its
assessment ratio. The assessment ratio on each class of property as defined herein shall be uniform
throughout the state upon the same class of property, provided that the assessment ratio of any one
(1) class of property shall not be more than three (3) times the assess ment ratio on any other class of property. For purposes of assessment for ad valorem taxes, taxable property shall be divided into five (5) classes and shall be assessed at a percentage of its true value as follows:
Single-family, owner-occupied, residential real property, at ten percent
(10%) of true
All other real property, except for real property included in Class I or
IV, at fifteen
percent (15%) of true value.
Personal property, except for motor vehicles and for personal property
Class IV, at fifteen percent (15%) of true value.
Public utility property, which is property owned or used by pub lic service
corporations required by general laws to be appraised and as sessed by the state or the
county, excluding railroad and airline property and motor vehicles, at thirty percent (30%) of
Class V. Motor vehicles, at thirty percent (30%) of true value.
The Legislature may, by general law, establish acreage limitations on Class I property.
SOURCES: 1869 art XII § 20; Laws 1956, ch 438; 1958, ch 610; 1960, ch 513; Laws, 1986, ch. 522, eff June 19, 1986.
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