S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9967
 
                           I N  A S S E M B L Y
 
                               March 2, 2018
                                ___________
 
 Introduced by M. of A. HUNTER -- read once and referred to the Committee
   on Real Property Taxation
 
 AN  ACT to amend the real property tax law, in relation to real property
   tax exemptions for certain property owners who are required to partic-
   ipate in the federal flood insurance program
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  The  real  property  tax  law  is amended by adding a new
 section 467-k to read as follows:
   § 467-K. EXEMPTION FOR CERTAIN PROPERTY OWNERS  WHO  ARE  REQUIRED  TO
 PARTICIPATE  IN  THE FEDERAL FLOOD INSURANCE PROGRAM. 1. A COUNTY, CITY,
 TOWN, VILLAGE OR SCHOOL DISTRICT ACTING BY  AND  THROUGH  ITS  GOVERNING
 BODY, MAY GRANT AN EXEMPTION TO A PROPERTY OWNER WHO HOLDS A MORTGAGE ON
 SUCH  REAL  PROPERTY,  WHOSE INCOME IS BELOW THE FEDERAL INCOME OFFICIAL
 POVERTY LINE, AS DEFINED AND ANNUALLY REVISED BY THE FEDERAL  OFFICE  OF
 MANAGEMENT  AND BUDGET, AND WHO PAYS FEDERAL FLOOD INSURANCE THROUGH THE
 NATIONAL FLOOD INSURANCE PROGRAM.
   2. FOR A PROPERTY OWNER TO QUALIFY FOR SUCH EXEMPTION, HIS OR HER REAL
 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 AGEN-
 CY (FEMA).
   3. SUCH EXEMPTION SHALL BE GRANTED ONLY UPON APPLICATION BY THE  OWNER
 OR  OWNERS OF SUCH REAL PROPERTY ON A FORM PRESCRIBED BY THE COMMISSION-
 ER. SUCH APPLICATION SHALL BE FILED ANNUALLY WITH  THE  ASSESSOR  ON  OR
 BEFORE THE APPROPRIATE TAXABLE STATUS DATE.
   § 2. This act shall take effect immediately and shall apply to assess-
 ment rolls prepared on and after January 1, 2018.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10335-02-8


              

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  9967--A
 
                           I N  A S S E M B L Y
 
                               March 2, 2018
                                ___________
 
 Introduced by M. of A. HUNTER, COOK, COLTON, WILLIAMS, HYNDMAN, BLAKE --
   Multi-Sponsored by -- M. of A. ERRIGO, MAGEE -- read once and referred
   to  the  Committee  on Real Property Taxation -- committee discharged,
   bill amended, ordered reprinted as amended  and  recommitted  to  said
   committee
 
 AN  ACT to amend the real property tax law, in relation to real property
   tax exemptions for certain property owners who are required to partic-
   ipate in the federal flood insurance program
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  The  real  property  tax  law  is amended by adding a new
 section 467-k to read as follows:
   § 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 PROPER-
 TIES 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 MANAGE-
 MENT AGENCY (FEMA);
   (B) THE PROPERTY MUST BE  LOCATED  IN  A  NEIGHBORHOOD  REVITALIZATION
 STRATEGY  AREA  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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

                       [ ] is old law to be omitted.
                                                            LBD10335-03-8

 A. 9967--A                          2
 
   (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 EIGHT-
 Y-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. IF THE ASSESSOR RECEIVES THE CERTIFICATION AFTER  THE
 COMPLETION,  VERIFICATION  AND  FILING OF THE FINAL ASSESSMENT ROLL, THE
 ASSESSOR SHALL CERTIFY THE AMOUNT OF EXEMPTION AS RECOMPUTED PURSUANT TO
 THIS PARAGRAPH TO THE LOCAL OFFICERS HAVING CUSTODY AND CONTROL  OF  THE
 ROLL,  AND  SUCH  LOCAL  OFFICERS  ARE HEREBY DIRECTED AND AUTHORIZED TO
 ENTER THE RECOMPUTED EXEMPTION CERTIFIED BY THE ASSESSOR ON THE ROLL.
   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. (A)  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 ASSESS-
 MENT  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.
   (B)  AS  SOON AS PRACTICABLE, THE ASSESSOR SHALL NOTIFY EACH APPLICANT
 IN WRITING OF HIS OR HER DETERMINATION OF ELIGIBILITY, WHETHER  APPROVED
 OR DENIED, AND THE AMOUNT OF ANY EXEMPTION SO APPROVED.
   6.  FOLLOWING  THE  ADOPTION  OF  THE  PROVISIONS OF THIS SECTION, THE
 ASSESSOR SHALL MAIL TO THE OWNERS OF ONE, TWO, OR THREE-FAMILY  RESIDEN-
 TIAL PROPERTY WITHIN THE DESIGNATED FLOOD ZONE AT LEAST SIXTY DAYS PRIOR
 TO THE FIRST TAXABLE STATUS DATE ON WHICH THE EXEMPTION PROVIDED BY THIS
 SECTION  SHALL FIRST OCCUR, 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.
   § 2. This act shall take effect immediately and shall apply to assess-
 ment rolls prepared on and after January 1, 2018.