A. Shares of stock in corporation possess no intrinsic value over and above the actual value of the property of the corporation which they stand for and represent, and the assessment and taxation of such shares, and also of the corporate property, would be double taxation.

B. Therefore, all property belonging to corporations, excepting those exempt from municipal taxation as provided by the laws of the United States or the Constitution of the state, shall be assessed and taxed, but no assessment shall be made of shares of stock of any such corporation, nor shall any holder of any such stock be taxed therefor. (Prior code § 6.04.020)