1026 ARTICLE 81.

the date of finality, except that all intangible personal property subject to
taxation hereunder in Baltimore City and directed to be assessed here-
under by the Appeal Tax Court, shall be assessed at the full cash value
thereof as of July 1st next preceding any tax year, the date of finality of
all assessments in Baltimore City being, however, October first of the year
next preceding any tax year. Any assessment existing on June 1st, 1929,
or thereafter made, shall continue in force from year to year until changed
pursuant to the provisions of this Article.

Cited but not construed in Tidewater Oil Co. v. Anne Arundel Co., Daily Rec-
ord, April 8, 1935.

1929, ch. 226, sec. 12.

12. The stock in business of every person, firm, foreign corporation, or
domestic ordinary business corporation, engaged in commercial business in
this State shall be valued and assessed at its fair average value during the
twelve months preceding the date of finality, or the portion of such period
during which such stock in business was held.

Cited but not construed in Tidewater Oil Co. v. Anne Arundel Co., Daily Rec-
ord, April 8, 1935.

1929, ch. 226, sec. 13.

13. No extra assessment shall be made, and no extra tax shall be levied
or collected on any bridge over a stream, or tunnel, forming part of any
railroad or turnpike in this State, it being the intent and meaning of this
section that any such bridge or tunnel shall be valued and assessed at the
same rate as any other equal portion of such railroad or turnpike is valued
and assessed.

1929, ch. 226, sec. 14.

14. In valuing and assessing real estate, the land itself and the build-
ings or other improvements thereon shall be valued and assessed sepa-
rately; and such buildings or improvements shall be assessed at such sum,
if any, as they may add to the fair market value of the land; and build-
ings or improvements not substantially completed on the date of finality
shall not be assessed at all. In case of the separate ownership of the sur-
face of land and of minerals or mineral rights therein, the assessing au-
thority may, in its discretion, make separate assessments of the value of
the surface and of such minerals or mineral rights.

1929, ch. 226, sec. 15.

15. (a) In computing the assessable value of shares of stock in any
national bank located in this State, or in any domestic corporation (other
than finance corporations) having a capital stock divided into shares which
are subject to assessment and taxation under this Article, the State Tax
Commission shall first ascertain the total aggregate value of the shares of
capital stock of such corporation by considering (1) the market value, if
any, of the shares of such stock, without reference to sales at abnormal
prices, rendering market quotations not a fair index of actual value of