Bill Text: NY A09967 | 2017-2018 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: 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.

Spectrum: Moderate Partisan Bill (Democrat 7-1)

Status: (Introduced - Dead) 2018-06-20 - substituted by s8972b [A09967 Detail]

Download: New_York-2017-A09967-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          9967
                   IN ASSEMBLY
                                      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:
     1    Section  1.  The  real  property  tax  law  is amended by adding a new
     2  section 467-k to read as follows:
     3    § 467-k. Exemption for certain property owners  who  are  required  to
     4  participate  in  the federal flood insurance program. 1. A county, city,
     5  town, village or school district acting by  and  through  its  governing
     6  body, may grant an exemption to a property owner who holds a mortgage on
     7  such  real  property,  whose income is below the federal income official
     8  poverty line, as defined and annually revised by the federal  office  of
     9  management  and budget, and who pays federal flood insurance through the
    10  national flood insurance program.
    11    2. For a property owner to qualify for such exemption, his or her real
    12  property must be located in a special flood hazard area  (SFHA)  on  the
    13  currently  effective  flood  insurance  rate  map (FIRM) or flood hazard
    14  boundary map (FHBM) identified by the federal emergency management agen-
    15  cy (FEMA).
    16    3. Such exemption shall be granted only upon application by the  owner
    17  or  owners of such real property on a form prescribed by the commission-
    18  er. Such application shall be filed annually with  the  assessor  on  or
    19  before the appropriate taxable status date.
    20    § 2. This act shall take effect immediately and shall apply to assess-
    21  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