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

This bill limits the real property tax exemption for unimproved land owned by certain nonprofit organizations to a 7-year period. Nonprofits must either begin development or have plans in place within 7 years of acquiring the land (with a special start date for pre-existing land), or lose the exemption. Exceptions apply for children's camps (as defined in public health law) and conservation organizations (as defined in environmental law). The law requires nonprofits to actively develop land within this timeframe to maintain the tax benefit.