Section 308.671 - Elective exemption of certain communication-related property(1) A company described in ORS 308.515(1) that owns, leases or uses property listed in subsection (2) of this section may elect property described in one paragraph of subsection (2) of this section to be exempt from ad valorem property taxation.(2) The property referred to in subsection (1) of this section consists of:(a) Licenses granted by the Federal Communications Commission.(b) If the company is in the business of communication, franchises.(c) Satellites that are used by the company to provide communication services directly to retail customers or that are being constructed for such use and Federal Communications Commission licenses related to the use of the satellites to provide the communication services.(3) The value of the property listed in subsection (2) of this section shall be equal to the cost of the property carried in the accounting records of the owner of the property, less the accrued depreciation reserve for the property.