Senate Bill S8972B

Signed By Governor
2017-2018 Legislative Session

Relates to real property tax exemptions for certain property owners who are required to participate in the federal flood insurance program

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Archive: Last Bill Status - Signed by Governor


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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Bill Amendments

2017-S8972 - Details

See Assembly Version of this Bill:
A9967
Law Section:
Real Property Tax Law
Laws Affected:
Add §467-k, RPT L

2017-S8972 - Summary

Relates to real property tax exemptions for certain property owners who are required to participate in the federal flood insurance program because his or her real property is located in a special flood hazard area.

2017-S8972 - Sponsor Memo

2017-S8972 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8972
 
                             I N  S E N A T E
 
                               June 8, 2018
                                ___________
 
 Introduced  by  Sen. VALESKY -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 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


              

2017-S8972A - Details

See Assembly Version of this Bill:
A9967
Law Section:
Real Property Tax Law
Laws Affected:
Add §467-k, RPT L

2017-S8972A - Summary

Relates to real property tax exemptions for certain property owners who are required to participate in the federal flood insurance program because his or her real property is located in a special flood hazard area.

2017-S8972A - Sponsor Memo

2017-S8972A - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8972--A
 
                             I N  S E N A T E
 
                               June 8, 2018
                                ___________
 
 Introduced  by  Sen. VALESKY -- read twice and ordered printed, and when
   printed to be  committed  to  the  Committee  on  Rules  --  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.
              

2017-S8972B (ACTIVE) - Details

See Assembly Version of this Bill:
A9967
Law Section:
Real Property Tax Law
Laws Affected:
Add §467-k, RPT L

2017-S8972B (ACTIVE) - Summary

Relates to real property tax exemptions for certain property owners who are required to participate in the federal flood insurance program because his or her real property is located in a special flood hazard area.

2017-S8972B (ACTIVE) - Sponsor Memo

2017-S8972B (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8972--B
 
                             I N  S E N A T E
 
                               June 8, 2018
                                ___________
 
 Introduced  by  Sen. VALESKY -- read twice and ordered printed, and when
   printed to be  committed  to  the  Committee  on  Rules  --  committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to  said  committee  --  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 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;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10335-06-8
              

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