Section 464. Incorporated associations of volunteer firemen

1. Except as
  othewise provided in subdivision two  of  this  section,  real  property
  owned  by  an  incorporated  association  of present or former volunteer
  firemen, other than a business corporation, which is  (a)  actually  and
  exclusively  used  and  occupied by such incorporated association or (b)
  leased to the city, town, village or fire district  in  which  the  real
  property is located and is actually and exclusively used and occupied by
  such  city,  town, village or fire district for fire department purposes
  or for the social and recreational use of the firemen and  residents  of
  the  city,  town,  village or fire district, provided the rent under any
  such lease does not exceed  the  amount  of  carrying,  maintenance  and
  depreciation  charges  or (c) leased to the school district in which the
  real property is located  and  is  actually  and  exclusively  used  and
  occupied  by such school district for school district purposes, provided
  the rent under any such lease does not exceed the  amount  of  carrying,
  maintenance and depreciation charges, shall be exempt from taxation, but
  the  total  amount  of the exemption to any one incorporated association
  shall not exceed twenty thousand dollars.
    2. Notwithstanding the provisions of subdivision one of this  section,
  real  property  owned  by an incorporated volunteer fire company or fire
  department created for the purpose of furnishing fire  protection  which
  is  (a)  actually and exclusively used and occupied by such fire company
  or fire department for public purposes or (b) leased to the city,  town,
  village  or  fire  district in which the real property is located and is
  actually and exclusively used and occupied by such city,  town,  village
  or  fire district for governmental purposes including but not limited to
  the social and recreational use of the  firemen  and  residents  of  the
  city,  town,  village  or fire district provided the rent under any such
  lease  does  not  exceed  the  amount  of  carrying,   maintenance   and
  depreciation  charges  or (c) leased to the school district in which the
  real property is located  and  is  actually  and  exclusively  used  and
  occupied  by such school district for school district purposes, provided
  the rent under any such lease does not exceed the  amount  of  carrying,
  maintenance  and depreciation charges, 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. In the
  event that not all of the real property shall be used and  occupied  for
  such purposes then exemption of the portion not so used shall be limited
  to the exemption provided in subdivision one of this section.
    3. The term "public purpose", as used in this section, shall mean land
  and buildings, or portions thereof, used for
    (a)  housing,  storage, repair and testing of fire department vehicles
  and of  equipment,  appliances,  devices,  tools,  protective  clothing,
  uniforms and supplies,
    (b) receipt and dispatch of alarms,
    (c) training, drills and instruction,
    (d) generators, lockers, showers, custodial quarters,
    (e) offices, company meetings, ready room,
    (f)  social  and  recreational use, other than for income producing or
  business purposes, of both the firemen and residents of the city,  town,
  village or fire district in which the real property is located.