1612                             Laws of Maryland                      [Ch. 748

which shall be subject to assessment to the issuing corporation) and
taxation for ordinary taxes in this State and in the county and/or
city specified below:

(1)    Real property.—All real properties in this State, by whom-
soever owned, including that owned or leased by the United States,
or any department or agency of the United States, to the fullest
extent possible under the Constitution of the United States and laws
of the United States pursuant thereto and in conformity therewith,
in the county and/or city in which the same are situated.

(2)    Tangible personal property.—All tangible personal prop-
erties located in this State, by whomsoever owned, including that
owned or leased by the United States, or any department or agency
of the United States, to the fullest extent possible under the Con-
stitution of the United States and laws of the United States pursuant
thereto and in conformity therewith, in the county and/or city in
which the same are respectively permanently located, provided that
tangible personal property located in this State, and not permanently
located in any county or city, shall, except as provided in paragraph
(4), be subject to taxation in the county and/or city in which the
owner resides; provided, however, that in Frederick County, the
County Commissioners shall have the authority to phase out, in a
manner and at such times as they may deem proper, any local county
taxes imposed pursuant to the authority granted in this section.

(3)    Shares of stock in domestic corporations subject to juris-
diction of Public Service Commission and in oil pipeline corpora-
tions.—All shares of stock in any domestic corporation (other than
an airline or air freight company) which is subject to the jurisdiction
of the Public Service Commission under the provisions of Article 78
of this Code, and in any domestic oil pipeline corporation operating
an oil pipeline in this State, in the county and/or city as follows:

So much of the assessable value of the shares of stock, as is based
on personal property placed in service on or after January 1, 1968,
shall be subject to assessment in the county and/or city in which
such 1968-and-later personal property is located, in ratio to the
proportion of such 1968-and-later personal property in the partic-
ular county and/or city, to all such personal property in the State.

All the remaining: assessable value shall be subject to assessment
in the county and/city where the owners of the shares respectively
reside, or in the case of shares owned by nonresidents of this State,
in the county and/or city where the principal office of the corpora-
tion in this State is located.

The equitable owner of shares held in trust by a resident trustee,
shall be deemed the owner of the shares, and his residence deter-
mined as of the date of finality.

(4) Operating property of railroads and other public utilities

and contract carriers. All operating property located in this State
of railroads, other public utilities and contract carriers (except motor
vehicles and other mobile operating property not permanently located

in this State of common and contract carriers by motor vehicle who

are not residents of this State), in the counties and/or cities to

which the value thereof is apportioned under Section 16.