Form Rp-470 - Application For Real Property Tax Exemption For Green Buildings Page 2

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Page 2 of 2 RP-470 (5/17)

Instructions

Authorization for exemption

Application of exemption

Real Property Tax Law section 470 provides local

The exemption may apply to county, city, town, village,

governments and public school districts the option of

and school district taxes. It does not apply to special ad

offering a partial tax exemption from taxes to properties

valorem levies and special assessments. Each taxing

that are constructed or reconstructed to meet certification

jurisdiction must adopt a local law or ordinance, or, in the

standards for green buildings. The partial exemption

case of a school district, a resolution, providing for the

does not apply to special ad valorem levies and special

exemption. Each taxing jurisdiction may also establish

assessments. The property owner must meet the following

a maximum exempt amount in its law, ordinance, or

requirements:

resolution.

• The property must meet certification standards for

Place of filing of exemption application

green buildings as established under the Leadership in

Application for this exemption from county, city, town,

Energy and Environmental Design (LEED) program, the

or school district taxes must be filed with the city or

green building standards as approved by the American

town assessor. Application for exemption from village

National Standards Institute, the Green Buildings

taxes must be filed with the assessor who prepares

Initiative’s Green Globes rating system, or substantially

the assessment roll in levying village taxes. In Nassau

equivalent standards for certification using a similar

County, applications for exemption from county, town,

program for green buildings as determined by the

or school district taxes must be filed with the Nassau

municipal corporation. Indicate the level of certification

County Department of Assessment. In Tompkins County,

for which exemption is sought: certified/silver, gold, or

exemption from county, city, town, village or school district

platinum.

taxes must be filed with the Tompkins County Department

• Regardless of which of the above standards is used to

of Assessment. Do not file this form with either the New

determine eligibility, an accredited professional must

York State Department of Taxation and Finance or the

certify that the project meets green building standards;

Office of Real Property Tax Services.

applicant must attach a copy of the certification to

Form RP-470.

Time of filing application

• The cost of construction of the project must exceed

The application must be filed in the assessor’s office

$10,000.

on or before the appropriate taxable status date, which,

• Costs attributable to ordinary maintenance and repairs

in most towns, is March 1. In Nassau County, taxable

are not eligible for the exemption.

status date is January 2, but that county is authorized to

• The eligible project may not commence until after

establish a later filing date; contact the county to obtain

January 1, 2013, or after such later date on which he

that date. Westchester County towns have either a May 1

municipality’s local law, ordinance, or resolution has

or June 1 taxable status date; contact the assessor in the

taken effect.

town where the property is located. In cities, such date

is determined from charter provisions. In New York City,

• Completion of project must be demonstrated by a

taxable status date is January 5, but applications for this

Certificate of Occupancy.

exemption may be filed on or before March 15. Once the

exemption has been granted, the exemption may continue

Duration and computation of exemption

for the authorized period provided that the eligibility

If the exemption is locally authorized, the exemption

requirements continue to be satisfied. It is not necessary

benefit will depend upon the level of LEED certification (or

to reapply for the exemption after the initial year in order

its equivalent) of the eligible project. For all three levels,

for the exemption to continue.

the exemption benefit is calculated as the increase in

assessed value attributable to completion of the certified

project:

• If the certification level is Certified/Silver (or its non-

LEED equivalent), 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 (or its non-LEED

equivalent), 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 (or its non-LEED

equivalent), the exemption benefit extends over ten

years, at 100% for the first six years, declining by 20

percentage points in each succeeding year thereafter.

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