Section 408. School districts and boards of cooperative educational services

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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.

                    
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