Article 15, § 11 — Uniformity of assessment required

(a) All property, except as in this constitution otherwise provided, shall be uniformly valued at its full value as defined by the legislature, in four (4) classes as follows: (i) Gross production of minerals and mine products in lieu of taxes on the land where produced; (ii) Property used for industrial purposes as defined by the legislature; (iii) Residential real property; and (iv) All other property, real and personal. (b) The legislature shall prescribe the percentage of value which shall be assessed within each designated class. All taxable property shall be valued at its full value as defined by the legislature except agricultural and grazing lands which shall be valued according to the capability of the land to produce agricultural products under normal conditions. The percentage of value prescribed for industrial property shall not be more than forty percent (40%) higher nor more than four (4) percentage points more than the percentage prescribed for residential real property or more than forty percent (40%) higher nor more than four (4) percentage points more than the percentage prescribed for all other property other than minerals. (c) Except as provided in this subsection the legislature shall not create new classes or subclasses or authorize any property to be assessed at a rate other than the rates set for authorized classes. The legislature may create a subclass of residential real property for owner occupied primary residences. (d) All taxation shall be equal and uniform within each class and subclass of property. The legislature shall prescribe such regulations as shall secure a just valuation for taxation of all property, real and personal.