Section 42-12003 - Class three property; definitionA. For the purposes of taxation, class three is established consisting of: 1. Real and personal property and improvements to the property that are used for residential purposes and is occupied by the owner as the owner's primary residence as described in section 42-12053, that are not otherwise included in class one, two, four, six, seven or eight and that are valued at full cash value.2. Real and personal property that is used for residential purposes and occupied by a relative of the owner, as described in section 42-12053, as the relative's primary residence, that is not otherwise included in class one, two, four, six, seven or eight and that is valued at full cash value.3. Real and personal property that is used for residential purposes and occupied by the owner as the owner's primary residence, as described in section 42-12053, who also uses the property for lease or rent to lodgers.B. For the purposes of this section, a homesite that is included in class three may include: 1. Up to ten acres on a single parcel of real property on which the residential improvement is located.2. More than ten, but not more than forty, acres on a single parcel of real property on which the residential improvement is located if it is zoned exclusively for residential purposes or contains legal restrictions or physical conditions that prevent the division of the parcel.C. For the purposes of this section, "physical conditions" means topography, mountains, washes, rivers, roads or any other configuration that limits the residential usable land area.Amended by L. 2022, ch. 300,s. 2, eff. 9/23/2022.Amended by L. 2016, ch. 208,s. 12, eff. 1/1/2017.