Faculty-Student Ass'n v. Sharkey

These appeals present anew the interpretation and application of the exempt purposes clauses found in section 420 of Beal Property Tax Law. So far as material it is therein provided (subd. 1) that to meet the conditions for tax exemption (1) the real property must be “ owned by a corporation or association organized exclusively for the moral or mental improvement of men and women, or for * * * charitable, benevolent * * * educational * * * purposes * # * or for two or more such purposes ” and (2) the property must be ‘1 used exclusively for carrying out thereupon one or more of such…