N.Y. Real Property Tax Law § 467-k*2: Exemption for certain residential property required to participate in the federal flood insurance program

* § 467-k. Exemption for certain residential property required to

participate in the federal flood insurance program. 1. Any city with a

population greater than one hundred thirty-five thousand and less than

one hundred fifty-five thousand based on the latest federal decennial

census, through its governing body, may grant an exemption as provided

in this section to certain one, two, or three-family residential

properties with a federally backed flood insurance policy through the

national flood insurance program (NFIP).

2. Eligibility. For a one, two, or three-family residential property

to qualify for such exemption the following conditions must be met:

(a) the property must be located in a special flood hazard area (SFHA)

on the currently effective flood insurance rate map (FIRM) or flood

hazard boundary map (FHBM) identified by the federal emergency

management agency (FEMA);

(b) the property must be located in a neighborhood revitalization

strategy area as defined by the department of neighborhood and business

development or other agency as designated in local law, or must be

owner-occupied with a household income at or below an income threshold

established pursuant to local law, provided that such threshold shall

not exceed sixty-two thousand nine hundred eighty-five dollars;

(c) the property must be insured through a federally backed flood

insurance policy that covers the duration of the tax year for which

benefits are sought; and

(d) the property shall not have any delinquent city taxes as of the

taxable status date applicable to the tax roll on which an exemption is

applied, or as of such later date as specified by local law.

3. Exemption amount. An eligible one, two, or three-family residential

property shall receive an exemption of city taxes in an amount of

eighty-one thousand dollars provided that if as the result of a

revaluation or update of assessments, and a material change in level of

assessment, as provided in title two of article twelve of this chapter,

is certified for the assessment roll pursuant to the rules of the

commissioner, the assessor shall increase or decrease the amount of such

exemption by multiplying the amount of such exemption by the change in

level of assessment factor.

4. Application. Application for such exemption must be made annually

by the owner or owners, on a form prescribed by the commissioner, and

shall be filed in such assessor's office on or before the appropriate

taxable status date. Such application shall require adequate proof that

the property is insured by a NFIP flood insurance policy.

5. Determination of eligibility and notice thereof. If satisfied that

the applicant is entitled to receive an exemption pursuant to this

section, the assessor shall approve the application and such property

shall be exempt from taxation as provided in this section on the

assessment roll prepared on the basis of the taxable status date

referred to in subdivision four of this section. The assessed value of

any exemption granted pursuant to this section shall be entered by the

assessor on the assessment roll with the taxable property, with the

amount of the exemption shown in a separate column.

6. Within thirty days following the adoption of the provisions of this

section, the assessor shall mail to the owners of one, two, or

three-family residential property within the designated flood zone a

description of the program, an application form, and a notice that such

application must be filed on or before the taxable status date in order

for the exemption to be granted. Upon the transfer of title of any one,

two, or three-family residential property located within the designated

flood zone the assessor shall mail to the owners of one, two, or

three-family residential property within the designated flood zone as

soon as practicable a description of the program, an application form

and that such application must be filed on or before the taxable status

date in order for the exemption to be granted.

* NB There are 2 § 467-k's