New York State Authorizes Property Tax Waivers for LEED Buildings
By Paula Melton
The State of New York has authorized municipalities to waive property taxes for green homes and commercial buildings.
Cities and towns adopting the new measure will take LEED-certified properties off their tax rolls for up to six years; tax exemptions will phase out gradually over a seven- to ten-year period, depending on the building’s level of certification, with a LEED Platinum rating earning the largest and longest-lasting waivers. The law also references “substantially equivalent” green building standards, such as Green Globes, but leaves the details for each municipality to determine on its own.
Tax exemptions will be available for construction projects that begin after January 1, 2013, and will apply to both new construction and existing buildings. To qualify, a project’s construction costs must exceed $10,000, and improvements to existing buildings must go beyond “ordinary maintenance or repairs.”
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