NY S02373

Limits the property tax exemption for nonprofit organizations holding unimproved land to 7 years from the date of acquisition, after which construction must be in progress or genuinely planned

For properties acquired before the law's effective date, the 7-year clock begins on the effective date rather than the original acquisition date

Exempts children's overnight camps, summer day camps, and properties owned by not-for-profit conservation organizations from the new 7-year limitation

Applies to "mandatory class" nonprofits that qualify for tax exemptions under section 420-a of the real property tax law

Takes effect on January 1st following enactment