N.Y. Real Property Tax Law § 472: Pharmaceutical societies

§ 472. Pharmaceutical societies. 1. Real property from which no rent

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 an incorporated pharmaceutical society which is either wholly

or partly within such city, which society has heretofore been or may

hereafter be authorized and empowered by act of the legislature to

establish and which has established or may hereafter establish, a

college of pharmacy in such city shall be exempt from taxation, provided

that such property is used exclusively for the purposes of such college,

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resolution may be amended or repealed.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.

2. If any provision of this section or the application thereof to any

person or circumstances is held unconstitutional, the remainder of this

section and the application of such provision to other persons or

circumstances shall not be affected thereby.