Solar power in Lisbon
Real Property Tax Law 487 grants a 15-year total exemption for the value of solar panels placed on property. A municipality that hears of a large-scale project coming to their town has the option to totally opt out of the exemption completely. As long as they don’t ope out by March 1 of that year you can do away with such exemption. Thus, collecting full taxes on any solar array development that may be erected. Doing this may deter some companies from building in your town, but there are other options. What most people don’t know, is they can offer the exemption for their town and still collect money from large-scale solar installations. Money collected from such projects helps alleviate the tax burden of other residents and generates revenue for the town, county and school. Why not have a company that’s making money should some of the burden that we are bogged down with? If you look at the fact sheet: “Understanding New York State’s Real Property Tax Law 487” or “Solar Pilot Toolkit.” These documents fully explain all you need to know pertaining to this matter.