Nigel Dodds made the announcement during a speech to the annual Ulster Members' network lunch of the Association of Chartered Certified Accountants (ACCA), at Belfast Castle.
The proposal to implement a derelict land tax was something the Executive had agreed to explore as part of last year's review of rating.
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The Minister explained to delegates that changes in the economic environment had led to his decision, pointing out that the aim of the proposal had been to encourage more development land onto the market to help address the shortage of affordable housing.
Mr Dodds said: "Clearly, the market conditions which led to the development of this proposal have reversed since the time of the rating review in 2007.
"The supply of development land has increased and prices have dropped dramatically, with increasing pressures on the development sector and in particular the viability of house building.
"It would not be right to proceed further with the proposal during the life of this current Assembly, a move which I hope will be welcomed by the development sector, which has enough to contend with at the moment, without the prospect of a new tax on land holdings," added Mr Dodds.
(PR/JM)
