Section 428. Fraternal organizations; entire net income for education and relief of members

Real property owned by any  fraternal  corporation,
  association  or  body  created  to  build  and  maintain  a  building or
  buildings for its meeting or meetings of the  general  assembly  of  its
  members or subordinate bodies thereof and for the accommodation of other
  fraternal corporations, associations or bodies, the entire net income of
  which  real  property  is  exclusively  applied  or to be used to build,
  furnish and maintain one or more asylums, homes or schools for the  free
  education  or  relief of its members or for the relief, support and care
  of the worthy and indigent members  thereof,  their  spouses,  surviving
  spouses  or  orphans,  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.