The exemption provided in this article is authorized by Real
Property Tax Law § 470. All terms used in this article shall
have the same meaning as provided in such law.
Construction of improvements to real property meeting LEED certification
standards for green buildings shall be exempt from taxation to the
extent provided by this article.
Such real property, or portion thereof, which is certified under
a LEED certification standard for the categories of certified silver,
gold, or platinum as meeting green building standards, as determined
by a LEED accredited professional shall be exempt as provided below
for the respective percentages, provided that a copy of the LEED certification
for a qualified category is filed with the Assessor's Office and is
approved by the Assessor as meeting the requirements of this article.
Such exemption shall be to the extent of any increase in assessed
value resulting from the construction or reconstruction of a property
meeting LEED certification or the maximum exempt amount, whichever
is less.
LEED Exemption
|
---|
Year
|
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%
|
In addition to the LEED certification standards for green buildings,
the exemption shall also apply where the construction of improvements
meets the Green Building Initiative's Green Globes Rating System,
the American National Standards Institute, or any other substantially
equivalent standards for certification using a similar program for
green buildings, as determined by the Assessor.
The maximum exemption amount for the exemption provided by this
article shall be the first $1,000,000 of full value assessment.