§ 434. Academies of music. The financial board of any city having a
population of one hundred seventy-five thousand or more according to the
latest federal census may by resolution exempt from taxation and exempt
from special ad valorem levies and special assessments to the extent
provided in section four hundred ninety of this chapter, all or any part
of the real property consisting of, and owned by a corporation or
association organized to maintain, an academy of music, if, in the
opinion of such board, the interest of such city requires the
maintenance of such academy of music and it appears that the property
was purchased with the proceeds of popular or general subscription. No
such exemption shall be granted for any year if it appears that the
corporation or association during the preceding year earned a net annual
income upon the net cost of such academy and the furniture thereof.