Under new New York State legislation, local governments must provide a real property tax exemption for the construction or retrofit of LEED certifiable green buildings.
The property tax exemption will apply to residential and commercial buildings that are green certified and where construction costs exceed US$10,000.
Local governments can establish a maximum exemption amount.
The legislation says ‘silver’ green buildings will receive the tax break for up to seven years, with the exemption amount declining after four years.
‘Platinum’ green buildings will receive the exemption for up to 10 years, with the amount declining from year seven.
The legislation comes into effect January 1, 2013.
