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($3.25) multiplied by the local assessment ratio as most recently determined and published by the Department of Taxation of the Commonwealth of Virginia on each one hundred dollars [$100) assessed valuation therefor. (c) Public Service Corporations - Equalized Real Estate: The tax on real estate of public service corporations which is assessed at one hundred percent (100%) of the fair market value therefor shall be one dollar and thirty cents ($1.~) multiplied by the local assessment ratio as most recently determined and Dublished by the Department of Taxation of the Commonwealth of Virginia on each one hundred dollars ($100) assessed valuation therefor. 3. Tax on Personal Property: (a) There shall be a tax of four dollars and thirty-five cents ($4.35) for every one hundred dollars [$100) of the assessed value thereof of all tangible personal property of every kind and description as classified by Sections 58.1-3500, 58.1-3501, 58.1-3502, 58.1-3503 and 58.1-3506 of the Code of Virginia, 1950, as amended, not exempt from taxation, except household goods and personal effects as classified by Section 58.1-3504 of the Code of Virginia, 1950, as amended, and including all motor vehicles and delivery equipment used in the manufacturing, mining, processing and reprocesslng, radio or television broadcasting or dairy business, and segregated by law for local taxation exclusively. Provided, however, that those articles exempted under Section 58.1-3504 of the Code of Virginia, 1950, as amended, shall apply only to such property owned and used by an individual or by a family or household incident to maintaining an abode for such individual, family or household and shall not be construed to extend to such property that is used to furnish an abode for use by others from whom rent or other consideration is received. (b) Privately Owned Pleasure Boats: There shall be a tax of fifty cents ($0.50) for every one hundred dollars ($100.) of the assessed value of privately owned pleasure boats and watercraft used for recreational purposes only and registered in the City of Portsmouth as provided in Section 58.1-3506 (10), Code of Virginia. (c) Public Service Corporations: Exclusive of automobiles and trucks which shall be taxed at the rate prescribed in Section 3 (a) herein, the tangible personal property of Public Service Corporations shall be taxed at a rate of three dollars ($3.00) for every one hundred dollars ($100) or at the alternative rate calculated pursuant to formula prescribed in Section 58.1-2606, Code of Virginia, 1950, as amended, whichever rate generates the most revenue.