STATE OF NEW YORK
        ________________________________________________________________________
                                          8972
                    IN SENATE
                                      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:
     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