NY A00290

Allows municipal corporations (towns, cities, villages under 1 million population) to adopt local laws granting real property tax exemptions for green development neighborhoods certified by LEED-ND or NGBS standards.

Exempts residential and common area property from taxation on increases in assessed value resulting from green development neighborhood construction, with exemption periods not exceeding 10 years per parcel.

Requires all residences within the subdivision to be certified silver or better (under NGBS or LEED standards) through deed restrictions or covenants running with the land.

Developers must file LEED-ND or NGBS certifications with the tax assessor along with subdivision maps and evidence of deed restrictions; individual property owners must submit construction certifications to claim exemptions.

Exemptions apply only to residential construction commenced after the municipal corporation's local law takes effect.