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New York

New York

Incentives/Policies for Energy Efficiency

Printable Version
Local Option - Real Property Tax Exemption for Green Buildings   

Last DSIRE Review: 08/14/2013
Program Overview:
State: New York
Incentive Type: Property Tax Incentive
Eligible Efficiency Technologies: Comprehensive Measures/Whole Building
Eligible Renewable/Other Technologies: Passive Solar Space Heat, Solar Space Heat, Photovoltaics, Wind, Biomass, Geothermal Heat Pumps, Daylighting, Anaerobic Digestion, Small Hydroelectric
Applicable Sectors: Commercial, Residential, Multi-Family Residential
Amount:Upon local adoption, 20% - 100% of real property taxes owed; varies by year and certification level
Equipment Requirements:Projects must meet the LEED, Green Globes, American National Standards Institute, or substantially equivalent green building certification standards; construction value must exceed $10,000
Start Date:01/01/2013 (earliest date for commencement of construction)
Authority 1:
Date Enacted:
Date Effective:
NYCL RPT ยง 470
07/18/2012
07/18/2012
Summary:

In July 2012 New York enacted legislation allowing municipal corporations to exempt green buildings from real property taxes. It is important to note that this law allows but does not require local governments to extend favorable property tax treatment to green buildings. In order for the exemption to apply, a municipal corporation must first adopt an ordinance this effect.

In order to qualify for an exemption, the new construction or improvement (does not include routine maintenance or repairs) must commence on or after January 1, 2013; be valued in excess of $10,000; and projects must meet the LEED, Green Globes, American National Standards Institute, or substantially equivalent green building certification standards. Although the law references allowable green building rating systems/certifications other than LEED, the incentive amounts are described in relation to LEED certification levels. The amount of the exemption permitted varies by year and by the certification level achieved. Although not specifically identified in the law, it appears that the "year" refers to the property tax year in which the exemption is first claimed and subsequent years thereafter. The allowable exemption levels, stated in terms of the percentage of total taxes owed, are as follows:

Year LEED Certified/Silver LEED Gold LEED Platinum
1 100% 100% 100%
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%

 

 

 

 

 

 

 

 

 

 

Projects must actually achieve certification in order to be eligible for an exemption, and the exemption must be approved by the local assessor prior to taking effect. For further details, please see the full text of the enabling legislation.


 
Contact:
  Public Information Officer
Office of Real Property Tax Services
WA Harriman State Campus
Albany, NY 12227
Phone: (518) 591-5232
E-Mail: orpts.mail@tax.ny.gov
Web Site: http://www.tax.ny.gov/about/orpts/regions.htm
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Disclaimer: The information presented on the DSIRE web site provides an unofficial overview of financial incentives and other policies. It does not constitute professional tax advice or other professional financial guidance, and it should not be used as the only source of information when making purchasing decisions, investment decisions or tax decisions, or when executing other binding agreements. Please refer to the individual contact provided below each summary to verify that a specific financial incentive or other policy applies to your project.

While the DSIRE staff strives to provide the best information possible, the DSIRE staff, the N.C. Solar Center, N.C. State University and the Interstate Renewable Energy Council, Inc. make no representations or warranties, either express or implied, concerning the accuracy, completeness, reliability or suitability of the information. The DSIRE staff, the N.C. Solar Center, N.C. State University and the Interstate Renewable Energy Council, Inc. disclaim all liability of any kind arising out of your use or misuse of the information contained or referenced on DSIRE Web pages.

Copyright 2013 - 2014 North Carolina State University, under NREL Subcontract No. XEU-0-99515-01. Permission granted only for personal or educational use, or for use by or on behalf of the U.S. government. North Carolina State University prohibits the unauthorized display, reproduction, sale, and/or distribution of all or portions of the content of the Database of State Incentives for Renewables and Efficiency (DSIRE) without prior, written consent.