The City of Roanoke encourages residents to take advantage of two environmental tax incentive programs for property owners.
One of these incentives is the tax exemption for use of certified solar energy equipment. This exemption applies to properties where the owner has installed new solar equipment, facilities or devices, as well as to properties that have existing solar equipment, facilities or devices. The exemption is effective for five years, and the amount is calculated by applying the real estate tax rate to the value of the solar components and subtracting that amount from the total real estate tax due on the property. Alternatively, the incentive may be applicable, using a similar formula, if the solar components are taxable as machinery and tools.
The second incentive is the special tax rate on use of certain energy-efficient buildings. This program is designed for buildings that exceed the Virginia Statewide Building Code efficiency standards by 30 percent. Certification must be made by a qualified professional, and the incentive must be applied for by the owner of the building. The tax exemption commences on July 1 of the tax year following the date an application is approved, and remains in effect for that tax year and the following four tax years.
Property owners may apply for either of these incentives through the city's Real Estate Valuation office. Additional information and downloadable application forms are available at the following link:
http://www.roanokeva.gov/WebMgmt/ywbase61b.nsf/vwContentByKey/N255RS7C513CFIREN
