ART. 81] EXEMPTIONS. 831

.and personal property in the respective counties and cities of this State,
in which such respective properties are located, nor to the book accounts

or bills receivable or evidences of debt given for such accounts of any
person engaged in commercial business who is taxed upon the fair aver-
age value of his stock of goods, wares and merchandise; and every per-
son engaged in commercial business shall be taxed upon the fair aver-
age value of his stock in such business during the year preceding the
assessment upon which such tax is levied; and each and every one of
said exemptions from taxation shall be strictly construed.

The exemption granted hospitals and libraries by. this section, does not
exempt them from the provisions of section 120—see notes thereto. Wash-
ington Hospital v. Mealey, 121 Md. 279.

As to the public debt and its exemption from taxation, see article 31.

1914, ch. 43.

4A. For the year nineteen hundred and fourteen and thereafter all
bonds, stock, certificates of indebtedness or other obligations in what-
soever form hereafter to be issued by the State of Maryland, or by any
County, City or Municipal Corporation or other political sub-division
of this State, either under a law heretofore passed or under a law here-
after to be passed, and all bonds, stock, certificates of indebtedness or
other obligations in whatsoever form heretofore issued by any County
or Municipal Corporation of this State and which, prior to March 12,
1914, have been sold under terms rendering such County, City or
Municipal Corporation liable for the State tax thereon on behalf of
the holders, shall be exempt from taxation for State, County, Municipal
and other local purposes; but nothing herein contained shall be con-
strued to deprive corporations of the credits, deductions and allow-
ances on their shares provided for in Section 163 of Article 81 of
Bagby's Code of Public Civil Laws, which shall continue to be allowed
to the same extent as if all of the stock debt of this State upon which,
but for the passage of the Act of 1914, Chapter 43, the State tax would
have been deducted by the Treasurer, and all of the stock debt of the
City of Baltimore on which, but for the passage of said Act, the State
taxes would have been paid, or payable by said City, had continued
subject respectively to said deductions or payments of taxes without
any change hereby.

1904, art. 81, sec. 6. 1888, art. 81, sec. 5. 1860. art. 81, sec. 5. 1841, ch. 23,

sec. 61. 1841, ch. 116, sec. 7. 1874, ch. 483, sec. 4.

1876, ch. 340. 1914, ch. 467.

7. Beginning with and for the year 1915, and thereafter, all house-
hold furniture and effects in this State held for the household use of
the owner thereof or members of his or her family shall be exempt from
taxation- for State and local purposes to the -extent of $500 of the
assessed value thereof; but nothing herein shall be construed to apply
to any furniture or effects held or employed for purposes of profit or in
connection with any business, profession or occupation.*

*The act of 1914, chapter 467, repeals the act of 1910, chapter 619 (p. 245) —
see footnote on page 1804 of volume 2 of the Annotated Code.