NY Real Prop Tax L § 467-K-2 (2021)
2021 New York Laws RPT - Real Property Tax Article 4 - Exemptions Title 2 - Private Property 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