§ 470. Exemption for improvements to real property meeting
certification standards for green buildings. 1. Construction of
improvements to real property initiated on or after the first day of
January, two thousand thirteen, meeting certification standards for
green buildings as provided in this section, including LEED, the green
building initiative's green globes rating system, the national green
building standards as approved by the American National Standards
Institute, or substantially equivalent standards for certification using
a similar program for green buildings as determined by the municipal
corporation, shall be exempt from taxation by any municipal corporation
in which such property is located to the extent provided in this
section, provided the governing board of such municipal corporation,
after conducting a public hearing, adopts a local law, ordinance or
resolution providing therefor.

2. Such real property, or portion thereof, which is certified under a
LEED, green globes rating system, national green building standards or
similar program using a certification standard which is equivalent to
the categories of certified, silver, gold or platinum as meeting green
building standards, as determined by an accredited professional shall be
exempt as provided below for the respective percentages provided that a
municipal corporation may establish a maximum exemption amount in its
local law, ordinance or resolution, and provided further, a copy of the
certification for a qualified category is filed with the assessor's
office and is approved by the assessor as meeting the requirements of
this section and the municipal corporation's local law, ordinance or
resolution. Such exemption shall be to the extent of any increase in
assessed value resulting from the construction or reconstruction of a
property meeting LEED, green globes rating system, national green
building standards or similar program certification.

LEED EXEMPTION
YEAR CERTIFIED/SILVER GOLD 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%

3. No such exemption shall be granted unless: (a) such construction of
improvements was commenced on or after the first day of January, two
thousand thirteen, or such later date as may be specified by local law;
(b) the value of such construction exceeds the sum of ten thousand
dollars; and (c) such construction is documented by a building permit,
if required, for the improvements, or other appropriate documentation as
required by the assessor. For purposes of this section the term
"construction of improvements" shall not include ordinary maintenance
and repairs.

4. If the assessor is satisfied that the applicant is entitled to an
exemption pursuant to this section, he or she shall approve the
application and such real property shall thereafter be exempt from
taxation by the municipal corporation as provided in this section
commencing with the assessment roll prepared after the taxable status
date. The assessed value of any exemption granted pursuant to this
section shall be entered by the assessor on the assessment roll with the
taxable property, with the amount of the exemption shown in a separate
column.