Be it ordained &c. That all lands tenements & hereditements, situated in This State claimed by individuals, or bodies politic or corporate, <​shall be subject to taxation​> except such lands or buildings as may be owned by <​the City Corporation,​> societies, or corporations, for the purpose of burying ground, <​the Temple Lot unoccupied​> church grounds <​church buildings​> <​unimproved untenanted Church Lands,​> & grounds for the use of literary institutions; The following personall property shall also be taxed viz; stud horses, asses, mules, horses, mares, cattle, slaves & servants of [illegible] clocks, watches, carriages, wagons, carts, money actually loaned, stock in trade, & all other description of personal property, of <​&​> the stock of incorporated companies, so that every person shall pay a tax in proportion to The value of The property he or she has in his or her possession, The aforesaid property declared subject to taxation shall be valued according to the true value Thereof as hereinafter directed. [p. [1]]