The bank, including its franchise, its capital, reserves, and surplus, its advances, and its income, can be excused from most of the income tax today otherwise hereinafter imposed by the You, by any Territory, dependency, or possession thereof, or by any State, county, municipality or local taxing authority, except that in any real property and the bank shall be subject to State, Territorial, county, municipal, or local taxation to the same extent according to its value as other real property is taxed. (Emphasis added.)
