N.Y. Real Property Tax Law § 470: Exemption for improvements to real property meeting certification standards for green buildings

§ 470. Exemption for improvements to real property meeting

certification standards for green buildings. 1. Construction of

improvements to real property initiated on or after the first day of

January, two thousand thirteen, meeting certification standards for

green buildings as provided in this section, including LEED, the green

building initiative's green globes rating system, the national green

building standards as approved by the American National Standards

Institute, or substantially equivalent standards for certification using

a similar program for green buildings as determined by the municipal

corporation, shall be exempt from taxation by any municipal corporation

in which such property is located to the extent provided in this

section, provided the governing board of such municipal corporation,

after conducting a public hearing, adopts a local law, ordinance or

resolution providing therefor.

2. Such real property, or portion thereof, which is certified under a

LEED, green globes rating system, national green building standards or

similar program using a certification standard which is equivalent to

the categories of certified, silver, gold or platinum as meeting green

building standards, as determined by an accredited professional shall be

exempt as provided below for the respective percentages provided that a

municipal corporation may establish a maximum exemption amount in its

local law, ordinance or resolution, and provided further, a copy of the

certification for a qualified category is filed with the assessor's

office and is approved by the assessor as meeting the requirements of

this section and the municipal corporation's local law, ordinance or

resolution. Such exemption shall be to the extent of any increase in

assessed value resulting from the construction or reconstruction of a

property meeting LEED, green globes rating system, national green

building standards or similar program certification.

LEED EXEMPTION

YEAR CERTIFIED/SILVER GOLD PLATINUM

1 100% 100% 100%

2 100% 100% 100%

3 100% 100% 100%

4 80% 100% 100%

5 60% 80% 100%

6 40% 60% 100%

7 20% 40% 80%

8 0% 20% 60%

9 0% 0% 40%

10 0% 0% 20%

3. No such exemption shall be granted unless: (a) such construction of

improvements was commenced on or after the first day of January, two

thousand thirteen, or such later date as may be specified by local law;

(b) the value of such construction exceeds the sum of ten thousand

dollars; and (c) such construction is documented by a building permit,

if required, for the improvements, or other appropriate documentation as

required by the assessor. For purposes of this section the term

"construction of improvements" shall not include ordinary maintenance

and repairs.

4. If the assessor is satisfied that the applicant is entitled to an

exemption pursuant to this section, he or she shall approve the

application and such real property shall thereafter be exempt from

taxation by the municipal corporation as provided in this section

commencing with the assessment roll prepared after the taxable status

date. The assessed value of any exemption granted pursuant to this

section shall be entered by the assessor on the assessment roll with the

taxable property, with the amount of the exemption shown in a separate

column.