THEODORE R. MCKELDIN, GOVERNOR 1017

so exempted by the one jurisdiction. If any county shall
exempt the property hereunder, and a city in said county
shall tax such property, the county shall furnish or make
available to the taxing authorities of said city the assess-
ment on the property so exempted by the county and taxed
by the city. Such a tax exemption as is provided in this
sub-section shall be mandatory in ANNE ARUNDEL
COUNTY, Frederick County and in the City of Frederick,
for county and municipal taxation, in the amount of at
least twenty-five per centum (25%) of the total assessed
valuation.

(24) Raw materials on hand and manufactured prod-
ucts in the hands of the manufacturer in any city and/or
county in which by law, resolution or ordinance the same
are or may be exempt from county and/or city taxation;
provided that nothing in this sub-section shall exempt any
such property from State taxation or from assessment
therefor. Such a tax exemption as is provided in this sub-
section shall be mandatory in ANNE ARUNDEL COUN-
TY, Frederick County and in the City of Frederick, for
county and municipal taxation, in the amount of at least
twenty-five per centum (25%) of the total assessed valua-
tion.

12. The stock in business of every person, firm or cor-
poration engaged in any manufacturing or commercial
business in this State shall be valued and assessed to the
owner thereof on the date of finality at its fair average
value for the twelve months preceding the date of finality,
but in the computation of the fair average value of the
stock in business of registered motor vehicle dealers, the
value of used motor vehicles, titled in Maryland and taken
in trade by such dealers as partial payments on the pur-
chase of other motor vehicles, shall be excluded. Provided,
however, that in FOR COUNTY TAXATION IN ANNE
ARUNDEL COUNTY AND Frederick County, AND FOR
MUNICIPAL TAXATION IN THE CITY OF FRED-
ERICK such stock in business shall be assessed at seventy-
five per centum (75%) of such fair average value for the
twelve months preceding the date of finality.

SEC. 2. And be it further enacted, That this Act shall
take effect January 1, 1952.

Approved April 13, 1951.