§ 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 Any such local law, ordinance or resolution may be amended or repealed.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.