Section 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  resolution  may  be  amended or repealed.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.