Relates to exemptions for improvements to real property meeting certification standards for green buildings.
TITLE OF BILL: An act to amend the real property tax law, in relation to exemptions for improvements to real property meeting certification standards for green buildings
PURPOSE: To authorize municipal corporations to establish a maximum exemption amount for an exemption for improvements to real property meeting LEED certification standards for green buildings.
SUMMARY OF SPECIFIC PROVISIONS: This bill would authorize municipal corporations that adopt the provisions of Section 470 of the Real Property Tax Law to provide an exemption for improvements to real property meeting LEED certification standards for green buildings, to include a maximum exemption amount in its local law, ordinance or resolution.
JUSTIFICATION: Section 470 of the Real Property Tax Law authorizes municipal corporations to provide an exemption to certain properties meeting LEED certification standards for green buildings. This section provides a set benefit schedule. Several localities have expressed an interest in adopting the provisions of this section, but are concerned that it would be too costly. This bill would make clear that municipal corporations have the ability to limit the exemption to a specific dollar amount, allowing them to limit the cost of the program.
LEGISLATIVE HISTORY: New Legislation, 2013.
FISCAL IMPLICATIONS: None to the State.
EFFECTIVE DATE: Immediately.
STATE OF NEW YORK ________________________________________________________________________ S. 2034 A. 2080 2013-2014 Regular Sessions S E N A T E - A S S E M B L Y (PREFILED) January 9, 2013 ___________IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print- ed, and when printed to be committed to the Committee on Housing, Construction and Community Development IN ASSEMBLY -- Introduced by M. of A. THIELE -- read once and referred to the Committee on Real Property Taxation AN ACT to amend the real property tax law, in relation to exemptions for improvements to real property meeting certification standards for green buildings THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 2 of section 470 of the real property tax law, as added by chapter 188 of the laws of 2012, is amended to read as follows: 2. Such real property, or portion thereof, which is certified under a LEED certification standard for the categories of certified, silver, gold or platinum as meeting green building standards, as determined by a LEED accredited professional shall be exempt as provided below for the respective percentages provided that A MUNICIPAL CORPORATION MAY ESTAB- LISH A MAXIMUM EXEMPTION AMOUNT IN ITS LOCAL LAW, ORDINANCE OR RESOL- UTION, AND PROVIDED FURTHER, a copy of the LEED certification for a qualified category is filed with the assessor's office and is approved by the assessor as meeting the requirements of this section and the municipal corporation's local law, ordinance or resolution. Such exemption shall be to the extent of any increase in assessed value resulting from the construction or reconstruction of a property meeting LEED certification. LEED EXEMPTION YEAR CERTIFIED/SILVER GOLD PLATINUM 1 100% 100% 100%EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD04302-01-3 S. 2034 2 A. 2080
2 100% 100% 100% 3 100% 100% 100% 4 80% 100% 100% 5 60% 80% 100% 6 40% 60% 100% 7 20% 40% 80% 8 0% 20% 60% 9 0% 0% 40% 10 0% 0% 20% S 2. This act shall take effect immediately.