Legislation in New York proposes a significant rewrite and narrowing of nonprofit property tax exemption. The bill would change the definition of "used exclusively" to limit the exemption to charitable purposes, something that would be "strictly construed" to exclude uses that are merely "helpful to the tax exempt organization." The measure also seeks to increase the burden of proof and severely narrow the definition of each tax exempt entity type (e.g., "educational purposes") required for substantiating the use of "each acre" to receive property tax exemption.
Stayed tuned... NYCON will be updating our members via email alert on changes or movement pertaining to this legislation.
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