NY A07312

Allows towns, cities, and villages (except those with over 1 million inhabitants) to adopt local laws providing real property tax exemptions for green development neighborhoods.

Exempts residential and common area properties within certified green neighborhoods from taxation on the increase in assessed value resulting from construction, for a maximum of 10 years per parcel.

Requires green developments to be either NGBS green certified or LEED-ND certified, with all residences meeting at least LEED silver or NGBS silver certification standards through deed restrictions or covenants.

Requires developers to file certification documents and subdivision maps with local tax assessors, and individual property owners must submit proof of silver-level certification to receive the exemption.

Takes effect 120 days after becoming law, with immediate authorization for regulatory implementation.