2023 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