(a) In addition to all other exemptions for taxation provided by law, there shall be exempt from property taxes all real property owned by or held in trust for any nonprofit organizations, when such property is
(1) used for recreational purposes; or
(2) held for the purpose of preserving open spaces, greenbelt areas, buffer zones or nature preserves; or
(3) an historic site or museum location; or
(4) used for scientific or educational purposes.
(b) The exemption provided by subsection (a) of this section shall be conditioned upon such property being (1) open to the public under reasonable limitations, and (2) not itself used for any pecuniary profit inuring to the benefit of any individual shareholder or member of the nonprofit organization, and (3) upon the determination of the Commissioner of Planning and Natural Resources that such property is suitable for the purposes indicated hereinabove.
(c) There shall be exempt from property taxes all real property owned by or held in trust for any nonprofit organization when such property is held subject to an option in the Government of the United States Virgin Islands or a subdivision thereof to acquire for public recreational, park, or like purposes at a price not exceeding its cost to such nonprofit organization, together with interest from the date of acquisition by the latter at a rate not exceeding six percent (6%) per annum, compounded no more often than annually, to the date such option be in fact exercised. Nothing shall preclude repeal or modification of the exemption from taxation herein granted, by any future legislature, but upon such legislation becoming effective the optioner may elect not to be bound by any previously qualifying option hereunder upon return of any consideration received therefor.