This program provides a one-time property tax abatement for properties that have green roofs. Green roofs have vegetation that absorbs rainwater, provides insulation and combats “the heat island effect”, where urban environments can have higher temperatures than surrounding areas.
- The tax abatement is equal to $4.50 per square foot of green roof space. The benefit is capped at whichever is less: $100,000 or the amount of property taxes due for the building that tax year.
- Condominium abatements are divided among the individual condominium units.
- The abatement length is one year.
NYC Department of Buildings (DOB) determines eligibility and approves the application. Finance administers the benefit.
- Class 1, 2 and 4 properties
- Construction must have begun on or after August 5, 2008
- At least 50% of roof space must be covered by green roof
- If you receive ICAP, 421-a, 421-b or 421-g or pay PILOTs, you are NOT eligible for the Green Roof Abatement.