New York S02373 sets a 7-year limit on the real property tax exemption for unimproved property of mandatory class nonprofit organizations.

New York S02373 amends the real property tax law to limit the duration of the exemption for unimproved property of mandatory class nonprofit organizations to seven years. The exemption applies if construction of suitable buildings or improvements is in progress or is in good faith contemplated within seven years of property acquisition. The seven-year period starts from the effective date of the law for properties acquired before the effective date, and from the date of acquisition for properties acquired on or after the effective date.

New York S02373 sets a 7-year limit on the real property tax exemption for unimproved property of mandatory class nonprofit organizations.

New York S02373 amends the real property tax law to limit the duration of the exemption for unimproved property of mandatory class nonprofit organizations to seven years. The exemption applies if construction of suitable buildings or improvements is in progress or is in good faith contemplated within seven years of property acquisition. The seven-year period starts from the effective date of the law for properties acquired before the effective date, and from the date of acquisition for properties acquired on or after the effective date.