NY A07550

Reduces the minimum acreage requirement for forest land tax exemptions from 50 contiguous acres to 10 contiguous acres under section 480-a of the real property tax law

Creates a new "easement tract" category allowing land subject to permanent conservation easements to qualify for the 80% property tax exemption if the easement requires maintaining the tract as wild forest land and prohibits cutting, removal, or destruction of trees

Authorizes municipal chief executive officers to apply for state assistance to offset lost tax revenue from privately owned forest lands receiving exemptions, with payments calculated based on the difference between equalized land value and taxable assessed valuation

Establishes violation procedures and penalties for easement tract owners who fail to maintain land as wild forest, convert it to other uses, allow tree cutting, or violate conservation easement terms

Provides exceptions from violations for management actions to control invasive species approved by the Department of Environmental Conservation and for natural disasters