Tools (including mechanical tools), implements, whether worked by hand, steam or other motive powers, machinery, manufacturing apparatus or engines used in manufacturing, whether temporarily idle or not, raw materials on hand and manufactured products in the hands of the manufacturer in the city shall be exempt from assessment and from municipal taxation in the city in the amount of forty (40) percent of the total assessed valuation; provided, that any person who shall take advantage of the provisions of section 108-A of the Charter of the city shall not be allowed the exemption in the percentage of the total assessed valuation, which is provided by this section. (1961 Supp., § 2.2.1)

State law reference--Exemption of tools, manufacturing apparatus, etc., from assessment and taxation, Anno. Code of Md., 1957, Art. 31, § 9(23).