Section 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.