The following property is exempt from taxation: class 2 property that is agricultural machinery and equipment and exclusively used in agriculture during the immediately preceding tax year. For purposes of this section: (1) "Agricultural machinery and equipment" shall mean any machinery and equipment that is used in: (a) Production of field crops including, but not limited to, grains, feed crops, fruits and vegetables or the production of or caring for nursery stock as defined in section 22-2302 , Idaho Code; or (b) The grazing, feeding or raising of livestock, fur-bearing animals, fish, fowl and bees to be sold or used as part of a net profit-making agricultural enterprise or dairy. (2) Buildings shall not be considered to be agricultural machinery and equipment.
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