Earlier this year, as part of the New York State budget, the Legislature enacted New York State Real Property Tax Law Section 575-b (RPTL 575-b), which creates new requirements for the real property taxation of wind and solar energy projects that have a nameplate capacity of 1 megawatt (MW) or greater. These new requirements are applicable to projects that are not subject to a payment in lieu of taxes (PILOT) agreement and, notwithstanding these statutory changes, municipalities will continue to have the flexibility to enter into PILOT agreements with project proponents. Municipalities are likely, however, to look to the new requirements for guidance when negotiating such PILOT agreements.

Continue Reading New York State Department of Taxation and Finance Issues Preliminary Appraisal Model and Discount Rates for Solar and Wind Energy Projects – Comments Due by October 1, 2021