Property Tax Savings for Green Condo Projects
How 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.
Comments (2)
Read through and enter the discussion by using the form at the endKayjsharp - August 20, 2012 6:38 AM
Going green is a good social point of view but it requires a little high investment so as to improve the quality and using eco friendly products. This process if considered in long run is beneficial and it should be made a rule to use eco friendly products to save environment.
Cathyhaden - September 20, 2012 6:09 AM
if you want answer for this question, you will first need to determine how much you can afford based on the location and the type of home you want to live in. he sum of these numbers needs to be an amount that you can comfortably cover within your available financial resources. But I think that many of incentives are limited to a first-come, first-served basis or require application before construction begins.