1118                             Laws of Maryland                      [Ch. 350

Section 1. Be it enacted by the General Assembly of Maryland,
That Sections 8A and 9 of Article 81 of the Annotated Code of Mary-
land (1969 Replacement Volume and 1971 Supplement), title "Rev-
enue and Taxes," subtitle "What Shall Be Taxed and Where," be
and they are hereby repealed, and that new Sections 9, 9A, 9B, 9C
and 9D be and they are hereby enacted in lieu thereof, to stand in
the place of the sections so repealed; and that Sections 8, 15, 16 (b),
(c), (e), and (g), 19(a) and 20(b) of the said Article of the Code,
subtitles respectively "What Shall be Taxed and Where" and
"Method of Assessment" be and they are hereby repealed and re-
enacted, with amendments; and all to read as follows:

8.

The following property, except as in Sections 9, 9A, 9B, and 10
provided, shall be subject to assessment to the owner (except shares
of stock which shall be subject to assessment to the issuing corpora-
tion) and taxation for ordinary taxes in this State and in the county
and/or city specified below:

(1)—All real properties in this State, by whomsoever owned, in-
cluding 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 pur-
suant thereto and in conformity therewith, in the county and/or
city in which the same are situated.

(2)—All tangible personal properties 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 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 respec-
tively 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 taxa-
tion in the county and/or city in which the owner resides[; pro-
vided, 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)—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 particular 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/OR city where the owners of the shares respectively
reside, or in the case of shares owned by nonresidents of this State,
or the county and/or city where the principal office of the corpora-
tion in this State is located.