How is property classified?

Use determines the classification of property. Classifications are important because they are used to determine what level a property is assessed at. Assessed value is a percentage of market value; this percentage is referred to as an assessment level. Classification determines what assessment level is placed on a property. 

• Land - 10%. All land, regardless of its purpose or use, is assessed at the same level. 
• Residential - 10%. All single family residences, owner-occupied duplexes, and condominiums are classified as residential.
• Commercial and Industrial - 15%. All improvements used, or held for use, for commercial, industrial, manufacturing, trade, professional, club (public or private), nonexempt lodge, business, or similar purpose, is classified as industrial and commercial.
• Other Property (including personal property) - 15%.  
• Public Service Property (excluding land) - 25%