Section 474. Dental societies

Real property from which no income 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  a  dental  society  of  any judicial district, which judicial
  district is wholly or partly within  such  city  shall  be  exempt  from
  taxation, provided such property is used exclusively for the purposes of
  such  a dental society, and further provided that such exemption of real
  property for any  society  in  the  first,  second,  tenth  or  eleventh
  judicial districts shall not exceed one hundred thousand dollars, and in
  any  other  judicial  district  affected  thereby shall not exceed fifty
  thousand dollars; 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  local law, ordinance or resolution may be  amended  or  repealed.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.  As used in this  section
  dental  society  shall  mean  exclusively  any  dental society which was
  incorporated under the provisions of chapter one  hundred  fifty-two  of
  the  laws  of  eighteen  hundred  sixty-eight  and  was continued by the
  education law, and by chapters two hundred ninety-four of  the  laws  of
  nineteen  hundred  six,  six  hundred  seventeen of the laws of nineteen
  hundred forty-four, and six hundred ninety-two of the laws  of  nineteen
  hundred sixty-two.