property tax is assessed on the shares of stockholders of any loan, investment, insurance, or for-profit cemetery companies. The assessment ratio is 40% of the value times the jurisdiction's tax rate. Since 2016, Tennessee has had no inheritance tax. Agriculture Tennessee has the eighth-most farms in the nation, which cover more than 40% of its land area and have an average size of about . Cash receipts for crops and livestock have an estimated annual value of $3.5 billion, and the agriculture sector has an estimated annual impact of $81 billion on the state's economy. Beef cattle is the state's largest agricultural commodity, followed by broilers and poultry. Tennessee ranks 12th in the nation for the number of cattle, with more than half of its farmland dedicated to cattle grazing. Soybeans and corn are the state's first and second-most common crops, respectively, and are most heavily grown in West and Middle Tennessee, especially the northwestern corner of the state. Tennessee ranks seventh in the nation in cotton production, most of which is grown in the fertile soils of central West Tennessee. The state ranks fourth nationwide in the production of tobacco, which is predominantly grown in the Ridge-and-Valley region of East Tennessee. Tennessee farmers are also known worldwide for their cultivation of tomatoes and horticultural plants. Other important cash crops in the state include hay, wheat, eggs, and snap beans. The Nashville Basin is a top equestrian region, due to soils that produce grass favored by horses. The Tennessee Walking Horse, first bred in the region in the late 18th century, is one of the world's most recognized horse breeds. Tennessee also ranks second nationwide for mule breeding and the production of goat meat. The state's timber industry is largely concentrated on the Cumberland Plateau and ranks as one of the top producers of hardwood nationwide. Industry Until World War II, Tennessee, like most Southern states, remained predominantly agrarian. Chattanooga became one of the first industrial cities in the south in the decades after the Civil War, when many factories, including iron foundries, steel mills, and textile mills were constructed there. But most of Tennessee's industrial growth began with the federal investments in the Tennessee Valley Authority (TVA) and the Manhattan Project in the 1930s and 1940s. The state's industrial and manufacturing sector continued to expand in the succeeding decades, and Tennessee is now home to more than 2,400 advanced