Marvin Mandel, Governor                          1141

rate of tax levied by the State bears to the rate of tax levied by the
subdivision.

9A. Personal Property Exemptions.

(a)    The following tangible personal property shall be exempt
from assessment and from State, county and city ordinary taxation,
except as otherwise stated herein, each and all of which exemptions
shall be strictly construed:

(b)    Corporation property

The property of (1) any domestic corporation having capital stock
divided into shares, if the shares of stock are subject to taxation
under the laws of this State; (2) any savings bank, savings institution,
or corporation, except INCLUDING credit unions, organized for re-
ceiving deposits of money and paying or crediting interest or dividends
thereon, and having no capital stock; and (3) any commercial bank,
safe deposit and trust company, or finance corporation as defined in
Section 2(9) of this article.

(c)    Manufacturing Equipment

(1)    The following property used in manufacturing: tools (in-
cluding mechanical tools); implements, however operated; machin-
ery; manufacturing apparatus or engines, whether or not in use;
except where such property is declared to be taxable by this sub-
section.

(2)    Notwithstanding the provisions of paragraph (1) above and
subject to the power of exemption granted in subsection (m) of
this section, such property shall be subject to county taxation only
at 100% of its total assessed value in the following counties: Allegany,
Calvert, Caroline, Carroll, Dorchester, Garrett, Queen Anne's, Somer-
set, Talbot, Wicomico, and Worcester.

(3)    Subject to the power of exemption granted in subsection (m)
of this section, such property shall be subject to county taxation only
at the following percentage of its total assessed value in Washington
County: 75%.

(4) In Kent and Harford Counties, such property shall be sub-
ject to county taxation only on the effective date of this section and
continuing thereafter at those percentages of its total assessed value
which were in effect prior to the effective date of this section. After
the effective date of this section, such percentages may be changed as
provided by subsection (m) of this section.

(5)    In any city, and for municipal purpose PURPOSES only,
such property shall be fully taxable, or exempt in whole or part, as the
governing body of the city may determine.

(6)    Exemption by either a county or a city in a county shall
not preclude the other jurisdiction from taxing such property and
where a county has exempted the property but a city therein has not
exempted it, the appropriate assessing authority shall provide the
city with the assessment of the property.

(d)    Manufacturing Inventory

(1) From county and city taxation only, raw materials and manu-
factured products in the possession of a manufacturer, except where
such property is declared to be taxable by this subsection.