(a) Subject to the provisions of subsection (b) of this section, the following property in the District of Columbia owned by the American Architectural Foundation, Incorporated, a nonprofit corporation organized and existing under the laws of the State of New York, shall be exempt from taxation by the District of Columbia:
(1) The real property (including the improvements thereon known as the Octagon House) which is described as lot 36 in square 170; and
(2) The furniture, furnishings, and other personal property located in any improvements on such real property.
(b)(1) The property described in subsection (a) of this section shall be exempt from taxation by the District of Columbia so long as:
(A) That property is owned by the Foundation referred to in subsection (a) of this section and is used in carrying on its purposes and activities, except as provided in subparagraph (B)(ii) of this paragraph, and is not used for any commercial purposes; and
(B) The Octagon House is:
(i) Maintained by that Foundation as a historical building to be preserved for its architectural and historical significance; and
(ii) Accessible to the general public for payment of a reasonable fee at such reasonable hours and under such regulations as may, from time to time, be prescribed by that Foundation.
(2) The provisions of § 47-1005 shall apply with respect to the property made exempt from taxation by this section, and the Foundation shall make the reports required by § 47-1007 and shall have the appeal rights provided by § 47-1009.
(c) This section shall apply with respect to taxable years beginning after June 30, 1969.
1981 Ed., § 47-1044.
1973 Ed., § 47-837.