ART. 81] EXEMPTIONS. 1795

ground not exceeding forty acres appurtenant respectively
thereto, which are necessary for the respective uses thereof,
nor to buildings, furniture, equipment or libraries of incor-
porated educational or literary institutions, or to the ground
appurtenant thereto, in any city or incorporated town of thia
State which are necessary to the respective uses thereof, nor to
the buildings, equipments and furniture of hospitals, asylums,
charitable or benevolent institutions of any county in this
State, but not within any incorporated city or town of this
State, nor to the ground not exceeding forty acres appurtenant
respectively thereto which are necessary for the respective uses
thereof, nor to the buildings, furniture, equipment or libraries
of incorporated educational or literary institutions or to the
grounds appurtenant thereto in any city or incorporated town
of this State which are necessary for the respective uses thereof,
nor to. the buildings, equipment or libraries of incorporated
educational or literary institutions in any county of this State,
nor to the ground not exceeding forty acres appurtenant thereto
which are necessary for the respective uses thereof, nor to the
personal property of any corporation by this State and having
capital stock divided into shares when said shares >of said
corporation are subject to taxation under the laws of this State,
nor to the shares of stock of railroad companies working their
roads by steam power, incorporated by or under the laws of
this State which are subject to taxation upon their gross
receipts within this State, and to county and municipal taxa-
tion upon their respective real 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 average value of his stock of goods, wares and
merchandise; and every person engaged in commercial busi-
ness shall be taxed upon the fair average 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.

Tax Cases, 12 G. & J. 117. P. W. & B. R. R. Co. v. Bayless, 2 Gill, 355.
Gordon v. Mayor, 5 Gill, 231. M. & C. C. v. B. & O. R. R. Co., 6 Gill, 290.
Chauvenet v Comm'rs of A. A. Co., 3 Md. 259. M. & C. C. v. Greenmount
Cemetery Co., 7 Md. 517. Emory v. The State, 41 Md. 38. Co. Comm'rs v.
Sisters of Chanty, 48 Md. 34. Appeal Tax Court v. Western Md. R. R. Co.-
Same v. Union R. R. Co., 50 Md. 276. Appeal Tax Court v. Rice, 50 Md.
302. Appeal Tax Court v. St. Peter's Academy, 50 Md. 322. Appeal Tax