NY S01158

Amends real property tax law to establish a seven-year time limit for tax exemptions on property of nonprofit organizations lacking suitable buildings or improvements, with the exemption period commencing either on the effective date (for properties acquired before enactment) or on the acquisition date (for properties acquired after enactment).

Expands the exemption eligibility to include "other physical improvements" in addition to buildings, and clarifies that exemptions apply when construction is "in progress or is in good faith contemplated."

Exempts children's overnight camps, summer day camps (as defined in Public Health Law § 1892), and real property owned by not-for-profit conservation organizations (as defined in Environmental Conservation Law § 49-0303) from these exemption duration restrictions.

Takes effect on January 1 following the date the bill becomes law.