Petitioner is the owner of a tract of land in the Town of Hardenburgh, County of Ulster, which it acquired from the former Balsam Lake Club. Other portions of the tract formerly owned by the Balsam Lake Club were acquired by the Balsam Lake Anglers Club, Alexander B. Johnson and James C. Dudley. In June, 1976, petitioner applied for a real property tax exemption pursuant to section 421 of the Real Property Tax Law, stating in its application that it was a corporation organized...
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