New York Real Property Tax Law § 487 exempts real
property which includes a solar or wind energy system, farm waste
energy system, microhydroelectric energy system, fuel cell electric-generating
system, micro combined heat and power-generating equipment system,
electric energy storage equipment and electric energy storage system,
or fuel-flexible linear generator electric generating system, from
taxation to the extent of any increase in the value thereof by reason
of the inclusion of system for a period of 15 years. Real Property
Tax Law § 487 further provides the Town of LaFayette with
the option to opt-out of the RPTL § 487 tax exemption by
enacting a local law stating that no exemption under RPTL § 487
shall be applicable within LaFayette's jurisdiction. The Town Board
of the Town of LaFayette finds that it is in the best interest of
the Town to tax property value increases related to real property
potentially subject to the exemption granted under RPTL § 487
at its full assessed value.
The tax exemption made available by Real Property Tax Law § 487
shall not be applicable within the boundaries of the Town of Lafayette
with respect to any solar or wind energy system, farm waste energy
system, microhydroelectric energy system, fuel cell electric-generating
system, micro combined heat and power-generating equipment system,
electric energy storage equipment and electric energy storage system,
or fuel-flexible linear generator electric generating system, hereafter
constructed, or to any other energy system eligible for the real property
tax exemption pursuant to § 487 of the Real Property Tax
Law.