All real and tangible personal property within the limits of the City of Frederick, or which may have a situs there by reason of the residence of the owner therein, shall be subject to taxation for municipal purposes, and the assessment for said purpose shall be the same as that for state and county taxes; provided, that no authority is given by this section to impose taxes on any property which is now or may hereafter be exempt from taxes by any special or general act of the General Assembly of Maryland. (Acts 1951, Ch. 539, § 108)