(1) Using the statement of assessments under s. 70.53 and the statement of taxes under s. 69.61, the department shall determine the net rate of taxation of commercial property under s. 70.32 (2) (a) 2. and of manufacturing property under s. 70.32 (2) (a) 3. as provided in subs. (2) to (6). The department shall enter that rate on the records of the department. (2) For each taxation district add the assessed values of the property specified in sub. (1). (3) Multiply the amount under sub. (2) by the taxation district’s net tax rate. (4) Add the amounts under sub. (3) for all taxation districts. (5) Determine the value, as equalized under s. 70.57, of all the property in this state of the types specified in sub. (1). (6) Divide the amount under sub. (4) by the amount under sub. (5).
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