Marvin Mandel, Governor                        1619

[(3)] (4) Distilled spirits.

[(4)] (5) Tangible personal property belonging to any corpora-
tion, domestic or foreign.

[(5)] (6) Intangible personal property subject to taxation
under Section 11.

[(6)] (7) Rolling stock of any person.

(c) Separate assessment in Sudlersville.—The town commis-
sioners of Sudlersville, Queen Anne's County may, in their discretion,
reassess or make a separate assessment, for the purposes of township
taxation only of all property real or personal, subject to ordinary
taxation, within the corporate limits of said town.

14.
(a) Classification.—Effective January 1, 1973, [Real] real and

(A) CLASSIFICATIONS—REAL AND personal property shall
be separately classified, and personal property separately subclassified
for assessment purposes. The following shall be separately sub-
classified for the purposes of personal property assessments:

(1)    Stock in business.

(2)    Distilled spirits.

(3)    Operating property of railroads, contract carriers and cer-
tain other transportation property as described in Section 8(4) of
this article.

(4) Operating property of public utilities and certain transpor-
tation property as described in Section 8(5) of this article.

[(3)] (5) All other personal property directed in this article
to be assessed.

(b)     Valuation.—Except as hereinafter provided:

(1)    All real property directed in this article to be assessed, shall
be assessed at the full cash value thereof on the date of finality.
The term full cash value as used in this subsection shall mean current
value less an allowance for inflation, if in fact inflation exists.

(2)    All personal property directed in this article to be assessed,
shall be assessed at the full cash value thereof on the date of finality.
The term full cash value as used in this subsection shall mean current
value without any allowance for inflation.

(3)    All operating property of railroads, public utilities, and con-
tract carriers, and all shares of stock of domestic corporations, the
shares of which are subject to taxation by this article, shall be
assessed in accordance with the provisions of Sections 16 and 20 of
this article, subject, however, to the provisions of Section 9 hereof.
To the extent that the personal property of the classes of taxpayers
mentioned in this subsection is subject to taxation by this article,
said personal property shall be assessed in accordance with provi-
sions of paragraph (2) hereof.

(c)    Annual assessment of personal property; real property
assessments continuing.—Personal property shall be assessed an-