Imposition

# (1)

Except as provided in sub.

# (2)

, there is imposed a tax on the real property of, and the tangible personal property of, every telephone company, excluding property that is exempt from the property tax under s. 70.11 (39) , (39m) , and (48) , motor vehicles that are exempt under s. 70.112 (5) , property that is used less than 50 percent in the operation of a telephone company, as provided under s. 70.112 (4) (b) , treatment plant and pollution abatement equipment that is exempt under s. 70.11 (21) , and qualified broadband service property. Except as provided in s. 76.815 , the rate for the tax imposed on each description of real property and on each item of tangible personal property is the net rate for the prior year for the tax under ch. 70 in the taxing jurisdictions where the description or item is located. The real and tangible personal property of a telephone company shall be assessed as provided under s. 70.112 (4) (b) .

76.81(2) (2) Beginning with the assessments as of January 1, 2027, the tangible personal property of a telephone company is exempt from taxation under this subchapter.