The purpose of this article is to provide tax relief to those
property owners who construct, reconstruct or expand structures on
their property that meet or exceed LEED certification standards for
green buildings.
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, pursuant to Real Property Tax Law
§ 470, Exemption for Improvements to Real Property Meeting
Certification Standards for Green Buildings.
Such real property, or portion thereof, which is certified under
a LEED certification standard for the categories of 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 limited to only the extent of any
increase in assessed value resulting from the construction or reconstruction
of a property meeting LEED certification as compared to construction
or reconstruction of a property that does not meet 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 $1,000,000 of assessed value of the qualifying construction
improvements for commercial construction and $100,000 for residential
construction.