This bill adds machinery and equipment used to provide wired or wireless broadband communications service to the definition of "tangible personal property" for the purposes of property taxation. The bill also creates a new subclass of tangible personal property that includes new machinery and equipment used to provide fiber and broadband communications service that is placed in service after August 28, 2026. Such property will be assessed at 12% of its true value in money for calendar years 2027 through 2033 and 33 1/3% beginning in 2034.