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(b) In case intangible personal property shall be held by any non-resi-
dent of this State in trust for any resident of this State, the value of the
interest therein of such resident of this State shall be subject to tax as if
such beneficiary were the legal owner.

(c) Intangible personal property held in trust by a resident of or by a
corporation having its principal office in any county and/or city in this
State, in trust for any person residing in any other county and/or city in
this State shall be taxed to the owner of the equitable estate or estates for
the time being therein in the county and/or city where he may reside, but
shall be payable by and collected from the trustee for the account of the
beneficiary.

(d) Rolling stock of railroads worked by steam shall, for purposes of
county and Baltimore City taxation, be apportioned among the counties
of this State and the City of Baltimore in proportion to the mileage of such
railroads therein; and whenever the railroads owning, hiring or leasing
said rolling stock shall extend beyond the limits of this State, that propor-
tion of the total rolling stock not permanently located in this State which
the mileage of such railroad in this State bears to its total mileage, shall
be deemed located and taxable in Maryland.

(e) Where one or more of several co-trustees are residents of this State
or domestic corporations and one or more non-residents or foreign corpora-
tions, that proportion of the total value of the trust property which the
number of resident trustees bears to the whole number of trustees shall be
deemed to be held in trust by a resident of this State, and the residue to
be held in trust by a non-resident thereof.

1929, ch. 226, sec. 9.

9. Any incorporated town in this State shall have power (a) to
select as the subjects of town taxation such classes of personal property,
of land, or improvements on land, assessable under this Article, as it
may deem wise, and (b) to levy such special or limited rates of town taxa-
tion as it may deem wise on any class of property so selected as a subject
of town taxation for which a fixed or limited rate of town taxation is not
prescribed by this Article. Provided that, except as provided in Section
10 (c), all such town taxes shall be levied upon assessments made pursuant
to this Article by the county commissioners of the county in which such
town is situated or by the State Tax Commission.

By Whom Assessment Shall Be Made.

1929, ch. 226, sec. 10.

10. (a) Except as in this section otherwise provided, all property,
real or personal, subject to ordinary taxation under this Article, shall be
valued and assessed for purposes of State and county and/or city taxation
by the County Commissioners of the county in which the same shall be
subject to taxation hereunder, or if the same be subject to taxation here-
under in Baltimore City by the Appeal Tax Court.