(a) The entire amount of money deposited in an individual's personal or family checking or savings account and seven thousand five hundred dollars ($7,500) worth of personal household goods and furnishings, wearing apparel and other such tangible personal property in the hands of a taxpayer shall be exempt from taxation.
(b) Where such property is owned jointly by a husband and wife, the exemption shall be fifteen thousand dollars ($15,000) and any exemption applying to any minor child of the family living at home and not used by the minor child personally may be applied to the total family household goods and furnishings, wearing apparel, and other such tangible personal property used by the family in common.
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