2023 New York Laws › RPT - Real Property Tax › Article 4 - Exemptions › Title 2 - Private Property › 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.