Ch. 476                             MARVIN MAN DEL, Governor                                1067

(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, corporation, 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 occupancy
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 federal or State governments for (1) the manufacture,
construction or assembling of equipment, supplies or component parts thereof, to
be used for national defense purposes, or (2) research or development for national
defense purposes, nor shall it apply to port facilities owned by the federal or State
governments (or any agencies or instrumentality thereof) or by any political
subdivision of the State of Maryland. THE FOREGOING SHALL APPLY TO
AN INTERNATIONAL TRADE CENTER (REFERRED TO IN ARTICLE
62B, SECTION 4(G)(2). OF THIS CODE) OWNED BY THE STATE
GOVERNMENT (OR ANY AGENCY OR INSTRUMENTALITY
THEREOF) UNLESS NEGOTIATED PAYMENTS IN LIEU OF TAXES OR
VOLUNTARY CONTRIBUTIONS ARE MADE BY THE AFORESAID
OWNER. Provided further that for the purposes of municipal and county taxation
in the counties of Allegany, Anne Arundel, Montgomery, and Washington, the
county commissioners or governing body of any municipality may, by adoption of
an appropriate resolution or ordinance, exempt such property from county or
municipal taxation, but the valuation shall be carried on the assessment books as
though it is taxable for the purposes of computing payments to the several political
subdivisions which are provided for in the laws of this State and which in any
manner are based upon or related to assessments and assessed valuations. As used
herein, the term "port facilities" shall mean and shall include, without intending
thereby to limit the generality of such term, any one or more of the following or
any combination thereof: lands, piers, docks, wharves, warehouses, sheds, transit
sheds, elevators, compressors, refrigeration storage plants, buildings, structures,
and other facilities, appurtenances and equipment necessary or useful in connection
with the operation of a modern port or in connection with shipbuilding and ship
repair and every kind of terminal or storage structure or facility now in use or
hereafter designed for use in the handling, storage, loading or unloading of freight
or passengers at steamship terminals, and every kind of transportation facility now
in use or hereafter designed for use in connection therewith. [However, the term
"port facilities" as used herein shall not include an international trade center
referred to in Article 62B, § 4 (g) (2), of this Code.]

(f) All interests subject to taxation by subparagraphs (a), (b), (c), (d), and (e)
above, shall be valued and assessed at the full value of the property to the same
extent as though the holders of the interests were the complete and absolute owners
of such property.