N.Y. Real Property Tax Law § 434: Academies of music

§ 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.