N.Y. Real Property Tax Law § 426: Opera houses

§ 426. Opera houses. Real property owned by any corporation whose

certificate of incorporation is approved by the commissioner of

education and which is organized to sustain, encourage and promote

musical art and to educate the general public in good music, provided

moneys donated to such corporation as a result of popular or general

appeal shall have been used for the acquisition thereof and provided

further that such real property shall be maintained for the production

of opera and for furthering the purposes for which such corporation was

organized by providing operatic and musical performances and other

related educational activities, 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 article, as provided for

corporations in section four hundred twenty-a of this article although a

portion thereof is leased for public performances, opera, ballet,

concerts, lectures, meetings, graduation exercises or other educational

or non-commercial uses for the purposes of income, if such income is

necessary for and actually applied to the maintenance and support of

such corporation.