§ 11-8-5

For the purpose of levies, property shall be classified as follows:Class I. All tangible personal property employed exclusively in agriculture, including horticulture and grazing;All products of agriculture (including livestock) while owned by the producer;All notes, bonds, bills and accounts receivable, stocks and any other intangible personal property;Class II. All property owned, used and occupied by the owner exclusively for residential purposes;All farms, including land used for horticulture and grazing, occupied and cultivated by their owners or bona fide tenants;Class III. All real and personal property situated outside of municipalities, exclusive of Classes I and II;Class IV. All real and personal property situated inside of municipalities, exclusive of Classes I and II.