ART. 81] VALUATION AND ASSESSMENT. 1795

the charter of Salisbury, nor the exemption from taxation contained therein,
of Judgments and private securities. Scope and purpose of the act of 1896.
Salisbury v. Jackson, 89 Md. 521.

The expression "municipal taxes", is not confined in its application to the
city of Baltimore. Frederick County v. Frederick City, 88 Md. 659.

The act of 1874, ch. 483 (repealing and re-enacting article 81), held not
to be in part materia with the act of 1874, ch. 514 (providing for a general
assessment). The former could not be looked to to supply the defects in.
or to aid in the construction of, the latter. Maxwell v. State, 40 Md. 288.

This section referred to in construing section 162—see notes thereto. Clark
Distilling Co. v. Cumberland, 95 Md. 471.

As to the levy of taxes by county commissioners, see art. 25, sec. 7.

As to the levy of taxes for the support of public schools, see art. 77,
sections 26, 124, 134 and 135.

Valuation and Assessment.

1904, art. 81, sec. 2. 1888, art. 81, sec. 2. 1860, art. 81, sec. 2. 1841, ch. 23, sec. 1.

1852, ch. 337, sec. 1. 1874, ch. 483, sec. 2. 1880, ch. 122. 1888, ch. 242.

1890, ch. 491. 1892, ch. 704. 1896, ch. 120. 1896, ch. 143.

1900, ch. 320. 1904, ch. 212.

2. All interests, shares or proportions owned by residents of this
State in all ships or other vessels, whether such ships or other vessels
be in or out of port, are and shall be valued and assessed for the purpose
of State, county and municipal taxation to the respective owners thereof
in the county or city in the State in which said owner or owners shall
respectively reside and such respective owners shall pay the taxes
thereon. All real properties in this State belonging to any bank incor-
porated under the laws of this State or of any other State, or belonging
to any national bank located in this State, or to any company or cor-
poration incorporated by or under the laws of this State, or of any
other State, or under the laws of the United States, or of any territory
or under the laws of the United States relating to the District of Colum-
bia, or belonging to any joint stock company doing business in this
State, are and shall be valued and assessed for the purpose of state,
county and municipal taxation as the property of such bank, company,
corporation or joint stock company and such bank, company, corpora-
tion or joint stock company shall pay such respective taxes thereon. All
money belonging to residents of this State Avhich shall be the proceeds
of the sale of stocks, bonds or other property disposed of for the pur-
pose of evading and escaping taxation, all shares or interest in any
joint stock company, and all shares of stock in any bank incorporated
under the laws of this State, or any national bank located in this State,
or in any corporation incorporated under the laws of the State shall be
valued and assessed for the purpose of state, county and municipal taxa-
tion to the owners thereof in the county or city in this State in which
said owners may respectively reside; the taxable value of such shares
shall be ascertained and determined and the taxes thereon levied and
collected as is now or may be hereafter provided by law.

All personal property in which any resident of this State has an
equitable interest with the legal title to the same in some other person
or corporation who is a non-resident shall be valued and assessed for