Establishes a green development neighborhood tax exemption

Bill A 4711 establishes a property tax exemption for new residential subdivisions certified as "green development neighborhoods." It directly affects developers building qualifying neighborhoods and homeowners in those areas, reducing their property tax burden on new construction value. The exemption applies to subdivisions meeting NGBS silver or LEED for new construction certification standards, with deed restrictions requiring all homes to achieve silver certification. Municipalities can adopt local laws granting up to a 10-year tax exemption on the increased value from green construction, administered through tax assessors upon submitted certification.