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The State constitution divides property into four classes:
Intangible personal property and certain personal property employed exclusively in agriculture. [No property is currently taxed in this classification.]
Owner-occupied residential property used exclusively for residential purposes and all farm land used for agricultural purposes by its owner or bona fide tenant.
All real and personal property situated outside a municipality that is not taxed in Class I or Class II.
All property situated inside a municipality that is not taxed in Class I or Class II.