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Green Building Tax Exemption

The newly enacted Section 470 of the Real Property Tax Law provides a real property tax exemption based on the level of LEED certified construction for those municipalities that “opt-in” for new construction beginning on or after January 1, 2013. The exemption varies based on the level of LEED certification as follows:

Platinum
100% for 6-years, decreasing 20% per year over a 4-year period.

Gold
100% for 4-years, decreasing 20% per year over a 4-year period.

Silver
100% for 3-years, decreasing 20% per year over a 4-year period.

Specific details regarding the new exemption are as follows:

• The local taxing jurisdiction must adopt the exemption to be effective

• The exemption applies to both commercial and residential construction projects that meet LEED certification standards for green buildings

• Construction must begin on or after January 1, 2013 (or later, based on the date of adoption by the local taxing jurisdiction)

• The value of the new construction must exceed $10,000

• The exemption applies to the increased assessed value as a result of the new construction

 

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