3704

LAWS OF MARYLAND

Ch. 684

(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:

(e) (1) [From] EXCEPT AS OTHERWISE PROVIDED IN THIS
SUBSECTION OR WHERE DECLARED TO BE TAXABLE IN THIS
SUBSECTION, FROM county and city taxation only, the stock in
business of every person, firm or corporation engaged in any
manufacturing or commercial business[, except where declared
to be taxable by this subsection].

(2) [Notwithstanding the provisions of paragraph
(1) above and subject] SUBJECT to the power of exemption
granted in subsection (m) of this section, such property
[shall be] IS subject to county and city taxation:

(I)   IN THE COUNTIES DESIGNATED, only at
the following percentages of [its] THE PROPERTY'S total
assessed value [in the counties designated]:

1.   [St. Mary's and Washington, 50%;
and] Allegany, 60 PERCENT.

2.   Baltimore, 60 PERCENT.

3.   BALTIMORE CITY, 60 PERCENT.

4.  Caroline, 60 PERCENT.

5.  Dorchester, 60 PERCENT.

6.   Garrett, 60 PERCENT.

7.   Somerset, 50 PERCENT.

8.  Talbot, 60 PERCENT.

9.  WASHINGTON, 50 PERCENT.

10.  Wicomico, 60 PERCENT, [and]

11.   Worcester, 60[%] PERCENT; and

(II)   [in Baltimore City, 60%] IN ST.
MARY'S COUNTY, 50 PERCENT OF THE PROPERTY'S TOTAL ASSESSED
VALUE. OF THAT PERCENTAGE, HOWEVER THE GREATER OF:

1. THE FIRST $200,000 OF ASSESSED
VALUE; OR

2. THE AMOUNT OF ASSESSED VALUE

DETERMINED BY THE GOVERNING BODY OF THE COUNTY BY ORDINANCE
OR RESOLUTION. , THE FIRST $200,000 OF ASSESSED VALUE IS
EXEMPT FROM COUNTY AND CITY TAXATION AND THE COUNTY