Bill > A04711

This bill establishes a new tax exemption for green development neighborhoods, allowing municipal corporations (towns, cities, and villages, except New York City) to create local laws providing property tax reductions for environmentally sustainable residential subdivisions. Under this legislation, a green development neighborhood must be certified by either the National Green Building Standard (NGBS) or Leadership in Energy and Environmental Design for Neighborhood Development (LEED-ND), with all residences required to meet at least a silver-level certification for energy efficiency and environmental performance. The tax exemption would apply to residential and common area properties within such neighborhoods, with local governments having the flexibility to determine the specific percentage and duration of the tax break, though no exemption can last longer than ten years. To qualify, developers must file certification documents with the local tax assessor, including proof of silver-level certification for individual residences and neighborhood-wide sustainability standards. Only new residential constructions started after the local law's implementation would be eligible, and property owners must apply annually for the exemption through a prescribed application process. The bill aims to incentivize sustainable development by offering financial benefits to developers and homeowners who invest in environmentally friendly residential communities.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A4711