§ 470 — Exemption for improvements to real property meeting certification standards for green buildings

§ 470. Exemption for improvements to real property meeting\ncertification standards for green buildings. 1. Construction of\nimprovements to real property initiated on or after the first day of\nJanuary, two thousand thirteen, meeting certification standards for\ngreen buildings as provided in this section, including LEED, the green\nbuilding initiative's green globes rating system, the national green\nbuilding standards as approved by the American National Standards\nInstitute, or substantially equivalent standards for certification using\na similar program for green buildings as determined by the municipal\ncorporation, shall be exempt from taxation by any municipal corporation\nin which such property is located to the extent provided in this\nsection, provided the governing board of such municipal corporation,\nafter conducting a public hearing, adopts a local law, ordinance or\nresolution providing therefor.\n 2. Such real property, or portion thereof, which is certified under a\nLEED, green globes rating system, national green building standards or\nsimilar program using a certification standard which is equivalent to\nthe categories of certified, silver, gold or platinum as meeting green\nbuilding standards, as determined by an accredited professional shall be\nexempt as provided below for the respective percentages provided that a\nmunicipal corporation may establish a maximum exemption amount in its\nlocal law, ordinance or resolution, and provided further, a copy of the\ncertification for a qualified category is filed with the assessor's\noffice and is approved by the assessor as meeting the requirements of\nthis section and the municipal corporation's local law, ordinance or\nresolution. Such exemption shall be to the extent of any increase in\nassessed value resulting from the construction or reconstruction of a\nproperty meeting LEED, green globes rating system, national green\nbuilding standards or similar program certification.\n LEED EXEMPTION\nYEAR CERTIFIED/SILVER GOLD PLATINUM\n1 100% 100% 100%\n2 100% 100% 100%\n3 100% 100% 100%\n4 80% 100% 100%\n5 60% 80% 100%\n6 40% 60% 100%\n7 20% 40% 80%\n8 0% 20% 60%\n9 0% 0% 40%\n10 0% 0% 20%\n 3. No such exemption shall be granted unless: (a) such construction of\nimprovements was commenced on or after the first day of January, two\nthousand thirteen, or such later date as may be specified by local law;\n(b) the value of such construction exceeds the sum of ten thousand\ndollars; and (c) such construction is documented by a building permit,\nif required, for the improvements, or other appropriate documentation as\nrequired by the assessor. For purposes of this section the term\n"construction of improvements" shall not include ordinary maintenance\nand repairs.\n 4. If the assessor is satisfied that the applicant is entitled to an\nexemption pursuant to this section, he or she shall approve the\napplication and such real property shall thereafter be exempt from\ntaxation by the municipal corporation as provided in this section\ncommencing with the assessment roll prepared after the taxable status\ndate. The assessed value of any exemption granted pursuant to this\nsection shall be entered by the assessor on the assessment roll with the\ntaxable property, with the amount of the exemption shown in a separate\ncolumn.\n