NY A00278

Amends Real Property Tax Law Section 420-a to establish a 7-year time limit for the real property tax exemption granted to nonprofit organizations for unimproved property when construction is planned or in progress.

For property acquired before the law's effective date, the 7-year period begins on the effective date; for property acquired after the effective date, the 7-year period begins on the date of acquisition.

Exemption applies only if construction of suitable buildings or physical improvements is in good faith contemplated or in progress within the 7-year window.

Exempts children's overnight camps and summer day camps (as defined in Public Health Law Section 1392) from these limitations.

Takes effect January 1st following the date the law is enacted.