§ 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\nparticipate in the federal flood insurance program. 1. Any city with a\npopulation greater than one hundred thirty-five thousand and less than\none hundred fifty-five thousand based on the latest federal decennial\ncensus, through its governing body, may grant an exemption as provided\nin this section to certain one, two, or three-family residential\nproperties with a federally backed flood insurance policy through the\nnational flood insurance program (NFIP).\n 2. Eligibility. For a one, two, or three-family residential property\nto qualify for such exemption the following conditions must be met:\n (a) the property must be located in a special flood hazard area (SFHA)\non the currently effective flood insurance rate map (FIRM) or flood\nhazard boundary map (FHBM) identified by the federal emergency\nmanagement agency (FEMA);\n (b) the property must be located in a neighborhood revitalization\nstrategy area as defined by the department of neighborhood and business\ndevelopment or other agency as designated in local law, or must be\nowner-occupied with a household income at or below an income threshold\nestablished pursuant to local law, provided that such threshold shall\nnot exceed sixty-two thousand nine hundred eighty-five dollars;\n (c) the property must be insured through a federally backed flood\ninsurance policy that covers the duration of the tax year for which\nbenefits are sought; and\n (d) the property shall not have any delinquent city taxes as of the\ntaxable status date applicable to the tax roll on which an exemption is\napplied, or as of such later date as specified by local law.\n 3. Exemption amount. An eligible one, two, or three-family residential\nproperty shall receive an exemption of city taxes in an amount of\neighty-one thousand dollars provided that if as the result of a\nrevaluation or update of assessments, and a material change in level of\nassessment, as provided in title two of article twelve of this chapter,\nis certified for the assessment roll pursuant to the rules of the\ncommissioner, the assessor shall increase or decrease the amount of such\nexemption by multiplying the amount of such exemption by the change in\nlevel of assessment factor.\n 4. Application. Application for such exemption must be made annually\nby the owner or owners, on a form prescribed by the commissioner, and\nshall be filed in such assessor's office on or before the appropriate\ntaxable status date. Such application shall require adequate proof that\nthe property is insured by a NFIP flood insurance policy.\n 5. Determination of eligibility and notice thereof. If satisfied that\nthe applicant is entitled to receive an exemption pursuant to this\nsection, the assessor shall approve the application and such property\nshall be exempt from taxation as provided in this section on the\nassessment roll prepared on the basis of the taxable status date\nreferred to in subdivision four of this section. The assessed value of\nany exemption granted pursuant to this section shall be entered by the\nassessor on the assessment roll with the taxable property, with the\namount of the exemption shown in a separate column.\n 6. Within thirty days following the adoption of the provisions of this\nsection, the assessor shall mail to the owners of one, two, or\nthree-family residential property within the designated flood zone a\ndescription of the program, an application form, and a notice that such\napplication must be filed on or before the taxable status date in order\nfor the exemption to be granted. Upon the transfer of title of any one,\ntwo, or three-family residential property located within the designated\nflood zone the assessor shall mail to the owners of one, two, or\nthree-family residential property within the designated flood zone as\nsoon as practicable a description of the program, an application form\nand that such application must be filed on or before the taxable status\ndate in order for the exemption to be granted.\n * NB There are 2 § 467-k's\n