NY S05777

Expands green building certification standards eligible for real property tax exemptions to include Green Globes rating system and National Green Building Standards, in addition to LEED certification.

Exemptions apply to construction improvements initiated on or after January 1, 2013, that meet certified, silver, gold, or platinum level standards under any approved green building certification program.

Municipal corporations may adopt local laws establishing green building tax exemptions and may set maximum exemption amounts in their ordinances.

Tax exemptions apply only to increases in assessed value from green building construction and require filing of certification with the assessor's office for approval.

Exemption percentages phased over 10 years vary by certification level, ranging from 100% exemption in years 1-3 for all levels down to 0-20% in years 8-10 depending on certification tier achieved.