RP-470-Ins
New York State Department of Taxation and Finance
Office of Real Property Tax Services
(4/13)
Instructions for Form RP-470
Application for Real Property Tax Exemption for Green Buildings
(Real Property Tax Law, Section 470)
1. Authorization for exemption
Section 470 of The Real Property Tax Law provides local governments and public school
districts the option of offering a partial tax exemption from taxes to properties that are
constructed or reconstructed to meet certification standards for green buildings. The partial
exemption does not apply to special ad valorem levies and special assessments. The property
owner must meet the following requirements:
•
The property must meet certification standards for green buildings as established under the
Leadership in Energy and Environmental Design (LEED) program. Indicate the level of
LEED certification for which exemption is sought: certified/silver, gold, or platinum (Item 5).
•
Alternatively, property must meet standards substantially equivalent to LEED, as established
by the Green Building Initiative’s Green Globes rating system, the American National
Standards Institute (ANSI), or substantially equivalent green building standards determined
by the local government (Item 5).
•
Regardless of which of the above standards is used to determine eligibility, a
LEED-accredited professional must certify that the project meets green building standards;
applicant must attach a copy of that certification to Form RP-470 (Item 5).
•
The cost of construction of the project must exceed $10,000 (Item 6a).
•
Costs attributable to ordinary maintenance and repairs are not eligible for the exemption.
•
The eligible project may not commence until after January 1, 2013, or after such later date
on which the municipality’s local law, ordinance, or resolution has taken effect (Item 6b).
•
Completion of project must be demonstrated by a Certificate of Occupancy (Item 6c).
2. Duration and computation of exemption
If the exemption is locally authorized, the exemption benefit will depend upon the level of LEED
certification (or its equivalent) of the eligible project. For all three levels, the exemption benefit is
calculated as the increase in assessed value attributable to completion of the LEED-certified
project:
•
If the certification level is Certified/Silver, the exemption benefit extends over seven
years, at 100% for the first three years, declining by 20 percentage points in each
succeeding year thereafter.
•
If the certification level is Gold, the exemption benefit extends over eight years, at 100%
for the first four years, declining by 20 percentage points in each succeeding year
thereafter.
•
If the certification level is Platinum, the exemption benefit extends over ten years, at
100% for the first six years, declining by 20 percentage points in each succeeding year
thereafter.