(a) Where an owner of real property pays charges for water supplied to a building, on a meter, frontage, or other basis, and in turn charges the tenant or tenants in the building for the quantity of water consumed by them at the same rates as he is required to pay, such owner is not considered a utility. It is not material whether the arrangement with the tenants provides for payment on the basis of the quantity of water submetered to them or on the basis of a proportion of the total water charge to the owner, but in order not to be considered a utility the owner must charge the tenants at the same rates he pays and only for the portion or quantity consumed by them.

(b) Public and private limited dividend housing corporations organized under the State Housing Law are not subject to the tax.