THEODORE R. MCKELDIN, GOVERNOR 1101

(1951 Edition), title, "Revenue and Taxes", sub-title,
"Method of Assessment", providing that in Anne Arun-
del County and Frederick County and in the City of
Frederick, where for purposes of local taxation, stock
in business is assessed at seventy-five percentum (75%)
of fair average value said stock in business shall not be
entitled to the exemption of twenty-five percentum
(25%) of total assessed value.; AND INCLUDING
THE CITY OF ANNAPOLIS WITHIN THE PROVI-
SIONS OF THIS SECTION AND RELATING ALSO
TO THE ASSESSMENT OF STOCK IN BUSINESS
FOR THE PURPOSES OF THE EQUALIZATION
AND INCENTIVE FUNDS PROVIDED FOR IN
ARTICLE 77 OF THIS CODE.

WHEREAS, the amendments made to sub-section 8 (24)
and Section 14 of Article 81 of the Annotated Code of
Maryland (1951 Edition) by Chapter 321 of the 1951 Acts
of the General Assembly were not intended to permit stock
in business of any person, firm or corporation engaged in
manufacturing or commercial business in Anne Arundel
County and Frederick County and in the City of Frederick
to be assessed at a lesser value than seventy-five percentum
(75%) of the fair average value of such stock in business,
and

WHEREAS, the said Chapter 321 is subject to a construc-
tion of allowing an exemption greater than twenty-five
percentum (25%) of such fair average value, now,
therefore,

SECTION 1. Be it enacted by the General Assembly of Maryland,
That Section 14 of Article 81 of the Annotated Code of
Maryland (1951 Edition), title, "Revenue and Taxes", sub-
title, "Method of Assessment", be and it is hereby repealed
and re-enacted with amendments to read as follows:

14. The stock in business of every person, firm or
corporation engaged in any manufacturing or commercial
business in this State shall be valued and assessed to the
owner thereof on the date of finality, but in the computa-
tion 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 purchase of other motor
vehicles, shall be excluded. Provided, however, that for
county taxation in Anne Arundel County and Frederick
County, and for municipal taxation in the City of Fred-
erick, AND IN THE CITY OF ANNAPOLIS, such stock