§ 408. School districts and boards of cooperative educational
services. Notwithstanding any limitation contained in section four
hundred six of this chapter, all real property owned by a school
district or board of cooperative educational services and all
improvements thereon leased by such a district or board provided that
such leased improvements are used for educational purposes and provided,
further, that such lease provides that such district or board is liable
for all taxation, special ad valorem levies and special assessments
levied upon such improvements 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.