How is personal property classified and assesed in Kansas?
Article 11, Section 1 of The Kansas Constitution provides that: Tangible personal property shall be classified into six subclasses and assessed uniformly by subclass at the following assessment percentages: • Mobile homes used for residential purposes…11½% • Mineral leasehold interests except oil leasehold interests the average daily production from which is five barrels or less, and natural gas leasehold interests the average daily production from which is 10 mcf or less, which shall be assessed at 25%…30% • Public utility tangible personal property including inventories thereof, except railroad personal property, including inventories thereof, which shall be assessed at the average rate all other commercial and industrial property is assessed…33% • All categories of motor vehicles not defined and specifically valued and taxed pursuant to law enacted prior to 1985…30% • Commercial and industrial machinery and equipment which, if its economic life is seven years or more, shall
