The property tax is imposed on the assessed value of the property. Taxable property is divided into two types of tangible property:

Real Property includes land, improvements attached to the land, and all rights inherent in ownership. Real property is valued in compliance with state law using accepted mass appraisal principles.

Personal Property includes any property that is not real property, that is, not permanently affixed to or a part of real estate. Machinery, equipment, furniture, fixtures and supplies associated with commercial, industrial or agricultural enterprises are assessed and taxed as personal property. Business inventories, household goods and personal effects are exempt from the property tax. 

(Real and personal property are taxed at the same rate.)