§ 474. Dental societies. Real property from which no income is
derived situated within a city having a population of one hundred
seventy-five thousand or more according to the latest federal census and
owned by a dental society of any judicial district, which judicial
district is wholly or partly within such city shall be exempt from
taxation, provided such property is used exclusively for the purposes of
such a dental society, and further provided that such exemption of real
property for any society in the first, second, tenth or eleventh
judicial districts shall not exceed one hundred thousand dollars, and in
any other judicial district affected thereby shall not exceed fifty
thousand dollars; and provided further that such property shall be
taxable by any municipal corporation within which it is located if the
governing board of such municipal corporation, after public hearing,
adopts a local law, ordinance or resolution so providing. Any such
local law, ordinance or resolution may be amended or repealed. The
provisions of subdivision six of section four hundred twenty-b of this
article shall apply to any such real property. As used in this section
dental society shall mean exclusively any dental society which was
incorporated under the provisions of chapter one hundred fifty-two of
the laws of eighteen hundred sixty-eight and was continued by the
education law, and by chapters two hundred ninety-four of the laws of
nineteen hundred six, six hundred seventeen of the laws of nineteen
hundred forty-four, and six hundred ninety-two of the laws of nineteen
hundred sixty-two.