Proposed legislation would amend property tax law for homeowners
On Saturday, New York State Sen. Mark Grisanti, R-I-60, announced the passage of a bill that establishes a green development home tax exemption for local property owners, making an amendment of the state's real property tax law for property located within Erie County.
The legislation is expected to facilitate growth in the green home market by offering an incentive for houses that typically cost more than the average new home.
"I am pleased that my colleagues in the Senate voted in favor of this bill, because it gives encouragement to builders to undertake the construction of green homes across Western New York," Grisanti said. "We hope this legislation will encourage people to build and buy homes that are good to the environment. As chairman of the Environmental Conservation Committee, I think is very important to do what is possible to help facilitate growth in the green home market. Having a healthy respect for the environment will benefit both this generation and the ones to follow."
Bill S.6117A authorizes a real property tax exemption of 35 percent for a period of no longer than 20 years for homes that are certified green - a tax credit that encourages the growth of green building. In order to qualify for this incentive, a new home will have to meet specific National Association of Home Builders or Leadership in Energy and Environmental Design standards.
Specific standards these homes will have to meet include, but not are limited to protection of high-value vegetation, improved soil, rain barrels at down spouts, built-in recycling collection space, renewable energy sources per house, low-flow showers and toilets and the use of green-certified products.
Grisanti's camp said green buildings increase building value, decrease utility expenses and maximize resources while minimizing environmental impact. Green buildings are crafted to exceed building codes while remaining cost-effective to own and operate without sacrificing quality construction.
The NAHB estimates U.S. homebuyers are willing to pay anywhere from 10 to 25 percent more for green homes, and that the demand for green homes will rise 900 percent over the next five years. More than 40 percent of current home remodels are constructed with green products.