Following a two-year advocacy campaign from the New York Solar Energy Industries Association (NYSEIA) and the Alliance for Clean Energy New York (ACE NY), the New York legislature has passed a property tax standardisation proposal. A new provision, included as part of the state budget, will standardize property tax assessments for renewable energy projects in NY.
The new provision states that local assessors must use a standardized appraisal model. This model, to be used for the purposes of renewable energy property tax assessments going forward, will be published by the Department of Taxation and Finance (DoTF) in consultation with the New York State Energy Research and Development Authority (NYSERDA). Furthermore, it is required that the model be published within 180 days of passage of the budget into law.
Following the news, NYSEIA sought to thank all member companies which had contributed to their two-year campaign, and stated its desire to work alongside the DoTF and NYSERDA in the years to come.
To read the full law, including the new provision for standardizing NY property tax assessments for renewable energy projects, click this link.
The Benefits of Standardizing Renewable Energy Property Tax Approaches In New York
In March of this year, Sustainable Energy Advantage (SEA), carrying out research on behalf of NYSEIA and ACE NY, published a report outlining the potential benefits of standardizing renewable energy property tax approaches in New York State. You can read the full report, ‘Standardizing Renewable Energy Property Tax Approaches In NY State: Economic Benefits to Host Communities’, at this link, or find an executive summary here. YSG Solar also summarized the key points of the report in a recent blog post.
To go solar in New York, get in touch with YSG Solar today. YSG has worked extensively in residential solar, commercial solar, community solar, and solar land leasing to provide customers with the biggest savings and the greatest return on their investment. To learn more, reach out by calling the office at 212.389.9215 or sending an email.
YSG Solar is a project development company responsible for commoditizing energy infrastructure projects. We work with long-term owners and operators to provide clean energy assets with stable, predictable cash flows. YSG's market focus is distributed generation and utility-scale projects located within North America.