For assessment purposes, property shall be divided into classes and subclasses. Real property is a class of property and is divided into the following subclasses: land that is actively devoted to farm or agricultural use, assessed under § 8-209 of this title; marshland, assessed under § 8-210 of this title; woodland, assessed under § 8-211 of this title; land of a country club or golf course, assessed under §§ 8-212 through 8-217 of this title; land that is used for a planned development, assessed under §§ 8-220 through 8-225 of this title; rezoned real property that is used for residential purposes, assessed under §§ 8-226 through 8-228 of this title; operating real property of a railroad; operating real property of a public utility; property valued under § 8-105(a)(3) of this subtitle; conservation property, assessed under § 8-209.1 of this title; and all other real property that is directed by this article to be assessed. Personal property is a class of property and is divided into the following subclasses: stock in business; distilled spirits; operating personal property of a railroad; operating personal property of a public utility that is machinery or equipment used to generate electricity or steam for sale; all other operating personal property of a public utility; machinery and equipment, other than operating personal property of a public utility, that is used to generate: electricity or steam for sale; or hot or chilled water for sale that is used to heat or cool a building; and all other personal property that is directed by this article to be assessed.