N.Y. Real Property Tax Law § 408: School districts and boards of cooperative educational services

§ 408. School districts and boards of cooperative educational

services. Notwithstanding any limitation contained in section four

hundred six of this chapter, all real property owned by a school

district or board of cooperative educational services and all

improvements thereon leased by such a district or board provided that

such leased improvements are used for educational purposes and provided,

further, that such lease provides that such district or board is liable

for all taxation, special ad valorem levies and special assessments

levied upon such improvements shall be 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.