A. Full and True Value. The assessor shall appraise property at its full and true value as of January 1st of the assessment year, except as provided by state law.

B. Personal property which has a tax situs within the city on January 1st of the tax year is subject to taxation at the rates applicable to real property in the location within the city where the personal property is most often found.

C. Private leaseholds, contracts, or other interest in land or property owned or held by the United States, the state, or other political subdivisions shall be taxable to the extent of the private interest.

D. Methods to Be Used to Assess Business Inventories. The city may use any lawful method to establish the full and true value of business inventory. (Ord. 479 § 3, 1995)