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Bill > S02373


NY S02373

NY S02373
Sets a 7-year limit to the real property tax exemption for unimproved property of mandatory class nonprofit organizations.


summary

Introduced
01/16/2025
In Committee
01/16/2025
Crossed Over
Passed
Dead

Introduced Session

2025-2026 General Assembly

Bill Summary

AN ACT to amend the real property tax law, in relation to the duration of the exemption for property of mandatory class nonprofit organizations by reason of the absence of suitable buildings or improvements thereon if construction of such buildings or improvements is in progress or is in good faith contemplated

AI Summary

This bill amends the real property tax law to set a 7-year time limit on property tax exemptions for mandatory class nonprofit organizations with unimproved property. Specifically, the bill establishes that nonprofit organizations can maintain a property tax exemption for unimproved land only if they are actively constructing or in good faith planning to construct buildings or improvements within seven years of acquiring the property. For properties already owned before the bill's effective date, the seven-year period will begin on that date. The bill also includes specific exemptions for certain types of properties, such as children's overnight and summer day camps, and properties owned by not-for-profit conservation organizations. This change aims to prevent nonprofits from holding undeveloped land indefinitely while still receiving tax exemptions, encouraging more active use of potentially developable land. The new law will take effect on the first day of January following its passage, providing nonprofits with a clear timeline for development or potential tax liability.

Committee Categories

Government Affairs

Sponsors (4)

Last Action

REFERRED TO LOCAL GOVERNMENT (on 01/16/2025)

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