N.Y. Real Property Tax Law § 427: Performing arts buildings

§ 427. Performing arts buildings. 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 and performing art, including opera, concerts,

ballet, drama and other forms of artistic expression, and to educate the

general public in good musical and performing art, provided the land was

acquired by a municipal corporation by purchase or condemnation and sold

at public auction to such corporation in order to insure clearance,

replanning, reconstruction and neighborhood rehabilitation, provided

further that monies donated to such corporation by other charitable or

educational corporations or as a result of popular or general appeal

shall have been used for the acquisition of such real property and

provided further that such real property shall be used for the

production of musical and performing art and for furthering the purposes

for which such corporation was organized by providing operatic, musical

and dramatic performances and other related educational activities

either directly by such corporation or indirectly by leasing or

otherwise making such real property or portions thereof available for

the use of other corporations organized on a non-profit basis and

without capital stock and to educate the general public in, or to foster

interest in, good musical or performing art and for one or more of the

purposes for which the owner corporation is organized, 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 or portions of such real

property are, from time to time, leased or used for public performances,

theatrical performances, opera, ballet, concerts, lectures, meetings,

graduation exercises or other related 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 the owner corporation or such

other corporation organized on a non-profit basis and without capital

stock and provided that such leasing or use for any such purpose is not

the principal purposes to which the use of such real property is put by

the owner corporation or by such other corporation organized on a

non-profit basis and without capital stock.