31 Jul '12, 12am

New York State Passes Real Property Tax Exemption Legislation for Green Buildings

New York State Passes Real Property Tax Exemption Legislation for Green Buildings

E arlier this month, Governor Cuomo signed legislation authored by Assemblyman Fred W. Thiele, Jr. (I, D, WF-Sag Harbor) and State Senator Ken LaValle which authorizes local governments or school districts to provide a real property tax exemption for new green building or renovation projects constructed after January 1, 2013 by local law, ordinance, or resolution. The legislation provides that any new commercial or residential construction or renovations exceeding $10,000 that meet LEED requirements (or those of other equivalent rating systems such as the Green Building Initiative’s Green Globes rating system, or other substantially equivalent green building certification systems) can be eligible for a tax exemption. The legislation was approved unanimously by the State Assembly (140-0) and Senate (59-0). Depending on the certification level, the homeowner or business can ...

Full article: http://www.greenbuildingsnyc.com/2012/07/30/new-york-stat...

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