NY S00049

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

Exemptions apply to residential and common area properties within qualifying subdivisions consisting of new one, two, or three family residences where all homes are required by deed restrictions to achieve certified silver or better green building standards.

Tax exemption covers increases in assessed value from green development construction, with municipalities determining the exemption percentage and duration, capped at a maximum of ten years per parcel.

Developers must file NGBS or LEED-ND certifications with the local tax assessor along with subdivision maps and evidence of deed restrictions; individual homeowners must submit documentation of silver-level certification to qualify for exemptions.

Exemptions only apply to construction commenced after the municipal corporation's local law authorizing the exemption takes effect; takes effect 120 days after becoming law.