The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:
70.11 (29p) Nonprofit outdoor theaters.
All the property owned or leased by an organization that is exempt from taxation under section 501
(c) (3) of the Internal Revenue Code, as confirmed by a determination letter issued by the Internal Revenue Service no later than July 31, 1969, if all of the property is used for the purposes for which the exemption was granted, the property includes one or more outdoor theaters for performing theater arts which have a total seating capacity of not less than 400 persons, and the organization operates the theater or theaters.
(1) This act first applies to the property tax assessments as of January 1, 2004.