282 LAWS OF MARYLAND.

institution or joint stock company shall own or possess any real
property in said City, a true statement of such real property,
situate or located in such County or City, and the president or
other proper officer of every fire insurance company incorporated
under the laws of this State and doing business therein shall
also furnish to the County Commissioner 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 cer-
tificates of such valuation and assessment, and of the amount
shown to be due on mortgage by such list, to such president 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 assessment in the same manner as the same
are levied upon and paid by individual 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 com-
panies, 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 Commissioner 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, cor-
porations 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 com-
panies 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 Commission 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 certificate thereof, from the aggregate value of all