Revise taxation of of certain telecommunications property

SB 550 revises property tax laws by expanding the definition of "Class five property" to include certain telecommunications property. This change directly affects telecommunications companies that provide services exclusively to rural areas, smaller cities and towns with populations of 1,200 or less, or those operating in three or fewer counties. Their property will now be classified under Class five, which is taxed at 3% of its market value. The bill takes immediate effect and applies retroactively.