Marvin Mandel, Governor                          1613

(4)    OPERATING PROPERTY OF RAILROADS, CONTRACT
CARRIERS AND CERTAIN OTHER TRANSPORTATION PROP-
ERTY.—ALL OPERATING PROPERTY LOCATED IN THIS
STATE OF RAILROADS AND CONTRACT CARRIERS AND
OTHER OPERATING TRANSPORTATION PROPERTY OF PER-
SONS OF FIRMS ENGAGED IN INTERSTATE COMMERCE
SUBJECT TO THE JURISDICTION OF THE UNITED STATES
COMMISSION ON INTERSTATE COMMERCE (EXCEPT
MOTOR VEHICLES AND OTHER MOBILE OPERATING PROP-
ERTY NOT PERMANENTLY LOCATED IN THIS STATE OF
PERSONS OR FIRMS WHO ARE NOT RESIDENTS OF THIS
STATE), IN THE COUNTIES AND/OR CITIES TO WHICH THE
VALUE THEREOF IS APPORTIONED UNDER SECTION 16.

(5)    OPERATING PROPERTY OF PUBLIC UTILITIES AND
CERTAIN TRANSPORTATION PROPERTY.—ALL OPERAT-
ING PROPERTY LOCATED IN THIS STATE OF PUBLIC UTIL-
ITIES AND TRANSPORTATION PROPERTY (EXCEPT MOTOR
VEHICLES AND OTHER MOBILE OPERATING PROPERTY
NOT PERMANENTLY LOCATED IN THIS STATE OF COMMON
AND CONTACT CARRIERS BY MOTOR VEHICLES WHO ARE
NOT RESIDENTS OF THIS STATE AND EXCEPT ANY TRANS-
PORTATION PROPERTY EMBRACED WITHIN SUB-CLASSI-
FICATION (4) HEREINABOVE) IN THE COUNTIES AND/OR
CITIES TO WHICH THE VALUE THEREOF IS APPORTIONED
UNDER SECTION 16.

(5) (6) Stock in business of manufacturing or commercial busi-
ness.—The stock in business of every person, firm or corporation
engaged in any manufacturing or commercial business in this
State, which shall be deemed permanently located in the county
and/or city where such business is carried on.

(6) (7) Leaseholds and other limited interests in real or personal
property.—No leasehold or other limited interest in real or tangible
personal property shall be subject to taxation except the following
which shall be subject to taxation in the same amount and the same
extent as though the person in possession or the user thereof were
the owner of such property.

(a)    The interest of a tenant under a ninety-nine year lease of
real property within this State, whether or not renewable, or under
a lease for a shorter term which is perpetually renewable.

(b)    The interest of a life tenant or the owner of any other
freehold estate in real or tangible personal property within this
State;

(c)    The interest of a mortgagor or grantor under a deed of trust
in real property within this State;

(d)    The interest of a mortgagor, pledgor or conditional sale
vendee in tangible personal property within this State;

(e)    The interest or privilege of any lessee, bailee, pledgee, agent
or other person in possession of or using any real or personal property
which is owned by the federal or State governments, and which is
leased, loaned, or otherwise made available to any person, firm, cor-
poration, association, or other legal entity, with the privilege to