Property Tax Savings for Green Condo Projects

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Thumbnail image for Exterior Constrction Condo.jpgHow do you motivate condo developers to make green building standards a priority? Offer creative green building incentives that will make their projects more marketable. This is what Governor Cuomo had in mind for the State of New York, when he signed legislation which will authorize local governments to provide up to a 100% real property tax exemption for new green buildings or renovations projects exceeding $10,000 for specified periods - up to six years for LEED Platinum, with 20 percent phase out per year after that. The government vote was unanimous on this one! Homeowners in condominium associations doing renovation projects after January 1, 2013 may also be eligible for this tax exemption.

Definitely something that our provincial government should think about implementing.


 

Published In: Administrative Agency Updates, Business Organization Updates, Environmental Updates, Residential Real Estate Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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