Assembly Constitutional Amendment 7 adding section 8 ½ to article XIII of constitution. Authorizes any county or municipality to exempt from taxation for local purposes in whole or part, anyone or more of following classes of property: improvements in, on, or over land: shipping; household furniture: livestock: merchandise: machinery: tools: farming implements: vehicles; other personal property except franchises; provides that ordinance or resolution making such exemptions shall be subject to referendum; and requires that taxes upon property not exempt from taxation shall be uniform