Section 12. PDIC exempt from taxation.
PDIC, its property, its franchise, capital, reserves, surplus and its income, shall be exempt from all taxation now or hereafter imposed by the Commonwealth or local taxing authority, except that any real property and any tangible personal property, other than cash and securities, of PDIC shall be subject to State and local taxation to the same extent according to its value as other real and tangible personal property of a nonprofit corporation is taxed. Assessments made upon a member of PDIC shall constitute ordinary and necessary expenses in carrying on the business of such member.