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City 10-Year Tax Abatement May Go 'Green'
By Jenny DeHuff, The Bulletin
Philadelphia — Homeowners seeking the coveted 10-year tax abatement for new properties in Philadelphia would have to make their properties eco-friendly in order to reap the benefits under a bill introduced to City Council Thursday.
Co-sponsored by council members Curtis Jones, Jr. and Blondell Reynolds Brown, the bill changes property tax abatements to require Leadership in Energy and Environmental Design (LEED) certification. Applicants, under the new system, would receive property tax relief proportionate to achieving one of the four LEED green building certification levels — certified, silver, gold and platinum.
“To the degree each of those levels represents a quarter, my intention is to say that if you do 25 percent in the first level, than that’s 25 percent of the value of your property,” Mr. Jones told The Bulletin.
To be clear, Mr. Jones said an applicant could receive the corresponding fraction of the abatement based on the LEED certification grades.
“If we’re going to be a truly green city, we need to take some serious steps to that end.”
Although “green” efforts are more expensive than customary roofs, Mr. Jones said it was worth the investment, 10 years from now. By some estimates, LEED would add as much as 30 percent more to a project’s construction.
“This is an economic development engine,” said Mr. Jones. “Whether you listen to any economists, the way to grow out of this [recession] is a greener economy.”
New or renovated buildings that do not meet LEED standards would be not receive any tax abatement.
LEED certified green buildings have become more popular in the environmentalist community, since they are praised for increasing property values, requiring fewer repairs and maintenance, consuming less energy and improving occupant health.
Such certification is achieved by demonstrating certain required actions as well as having a flexible point system that allows each building to coordinate the use green building techniques and materials appropriate for each project’s unique budget and design.
The Comcast Center in Center City, the new School of the Future in West Philadelphia and the new state Department of Environmental Protection (DEP) in Norristown all meet LEED standards.
While the two City Council members still need additional co-sponsors for the bill, they will also need state enabling legislation to allow the city to establish green tax abatements.
Jenny DeHuff can be reached at jdehuff@thebulletin.us
Co-sponsored by council members Curtis Jones, Jr. and Blondell Reynolds Brown, the bill changes property tax abatements to require Leadership in Energy and Environmental Design (LEED) certification. Applicants, under the new system, would receive property tax relief proportionate to achieving one of the four LEED green building certification levels — certified, silver, gold and platinum.
“To the degree each of those levels represents a quarter, my intention is to say that if you do 25 percent in the first level, than that’s 25 percent of the value of your property,” Mr. Jones told The Bulletin.
To be clear, Mr. Jones said an applicant could receive the corresponding fraction of the abatement based on the LEED certification grades.
“If we’re going to be a truly green city, we need to take some serious steps to that end.”
Although “green” efforts are more expensive than customary roofs, Mr. Jones said it was worth the investment, 10 years from now. By some estimates, LEED would add as much as 30 percent more to a project’s construction.
“This is an economic development engine,” said Mr. Jones. “Whether you listen to any economists, the way to grow out of this [recession] is a greener economy.”
New or renovated buildings that do not meet LEED standards would be not receive any tax abatement.
LEED certified green buildings have become more popular in the environmentalist community, since they are praised for increasing property values, requiring fewer repairs and maintenance, consuming less energy and improving occupant health.
Such certification is achieved by demonstrating certain required actions as well as having a flexible point system that allows each building to coordinate the use green building techniques and materials appropriate for each project’s unique budget and design.
The Comcast Center in Center City, the new School of the Future in West Philadelphia and the new state Department of Environmental Protection (DEP) in Norristown all meet LEED standards.
While the two City Council members still need additional co-sponsors for the bill, they will also need state enabling legislation to allow the city to establish green tax abatements.
Jenny DeHuff can be reached at jdehuff@thebulletin.us
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