Sec. 11. (a) Subject to the limitation contained in subsection (b), "personal property" means:
(1) billboards and other advertising devices which are located on real property that is not owned by the owner of the devices;
(2) foundations (other than foundations which support a building or structure) on which machinery or equipment:
(A) held for sale in the ordinary course of a trade or business;
(B) held, used, or consumed in connection with the production of income; or
(C) held as an investment;
is installed;
(3) all other tangible property (other than real property) which:
(A) is being held as an investment; or
(B) is depreciable personal property; and
(4) mobile homes that do not qualify as real property and are not described in subdivision (3).
(b) Personal property does not include the following:
(1) Commercially planted and growing crops while in the ground.
(2) Computer application software.
(3) Inventory.