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638 REVENUE AND TAXES. [ART. LXXXI
every fire insurance company incorporated under the laws of this State
and doing business therein shall also furnish to the County Commis-
sioner, of each County in which it shall have any mortgages on real or
leasehold property, and to the Appeal Tax Court of Baltimore City in
which it shall have any mortgages on real or leasehold property in such
County or City, a list of such mortgages showing the amount then due
thereon, and such real property shall be valued and assessed by said
County Commissioners and Appeal Tax Court respectively, to the said
bank or incorporative* institution or joint stock company so owning
the same, and the said County Commissioners and Appeal Tax Court
shall give duplicate certificates of such valuation and assessment, and
of the amount shown to be due on mortgage by such list, to such presi-
dent or other officer, who shall transmit one of such duplicate certifi-
cates with his return to the State Tax Commissioner, and State, County
and City taxes shall be levied upon and paid by such bank or other
incorporated institution or by such joint stock company on such assess-
ment in the same manner as the same are levied upon and paid by indi-
vidual owners of real property, in such County or City; the respective
taxable value of the shares of stock in such bank, corporation and joint
stock companies, save the taxable value of the shares of the stock of fire
insurance companies incorporated under the laws of this State and
doing business therein, shall be ascertained by the State Tax Commis-
sioner in the manner following: He shall deduct the assessed value of
such real property belonging to the said respective banks, corporations
or joint stock companies from the aggregate value of all shares of such
respective banks, corporations or joint stock companies and divide the
remainder by the number of shares of the capital stock or shares of such
respective banks, corporations or joint stock companies and the quotient
shall be the taxable value of each of such respective shares for State
purposes; in the case of fire insurance companies incorporated under
the laws of this State and doing business therein, the taxable value of the
shares of the stock thereof shall be ascertained by State Tax Commis-
sion in the following manner: He shall deduct the total of the assessed
value of any real property belonging to such company and the amount
of mortgages owned by such company, as shown by the aforesaid certifi-
cate thereof, from the aggregate value of all shares of its capital stock
and shall divide the remainder by the number of shares of the capital
stock or shares of such respective fire insurance company incorporated
under the laws of this State and doing business therein, and the quotient
shall be the taxable value of such respective shares of such fire insur-
ance company for State purposes, and all State taxes thereon shall be
paid as provided now or hereafter by law, and when the valuation and
assessment of the shares of the capital stock or shares of such banks,
corporations or joint stock companies shall have been finally determined
or made for State purposes, the State Tax Commissioner shall certify
*Evidently a typographical error in the act.
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