Marvin Mandel, Governor                         1437

(4)     Operating property of railroads, contract carriers and certain
other transportation property.—All operating property located
in this State of railroads and contract carriers and other operat-
ing transportation property of persons [of] or firms engaged
in interstate commerce subject to the jurisdiction of the United States
Commission on Interstate Commerce (except motor vehicles and other
mobile operating property 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.

8.

(5)    All operating property located in this State of public utilities
and transportation property (except motor vehicles and other mobile
OPERATING PROPERTY NOT PERMANENTLY LOCATED
IN THIS STATE OF COMMON AND [contact] contract carriers
by motor vehicles who are not residents of this State and except
any transportation property embraced within subclassification (4)
hereinabove) in the counties and/or cities to which the value thereof
is apportioned under Section 16.

8.

(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 free-
hold 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 use
or possess such property in connection with a business conducted
for profit, except where the use is by way of a concession for oc-
cupancy of a public airport, park, market, or fairground, which is
available to the use of the general public, shall be subject to taxation
in the same amount and to the same extent as though the lessee or
user were the owner of such property, provided, that the foregoing
shall not apply to federal or State property for which negotiated
payments are made in lieu of taxes by any of the aforesaid owners,
nor shall it apply to any personal property which is owned by the
federal or State governments and which is in the possession of any
person, persons or corporation pursuant to a contract with such fed-