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.
NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A9967B
SPONSOR: Hunter TITLE OF BILL: An act to amend the real property tax law, in relation
to real property tax exemptions for certain property owners who are
required to participate in the federal flood insurance program
PURPOSE:
The purpose of this bill is to provide financial relief for those in
poverty who are required to participate in the federal flood insurance
program and to incentivize investment in communities in need of revital-
ization.
SUMMARY OF PROVISIONS:
Amends the property tax law by adding a new section 467-k.
Owners of one to three family unit buildings that are in the flood zone
and in the Neighborhood Revitalization Strategy Area are eligible for a
property tax exemption when required to have federally mandated flood
insurance. Properties in the flood zone, but outside of the Neighborhood
Revitalization Strategy Area must be owner occupied and must not exceed
household income pursuant to local law, which is to be under the thresh-
old of $62,985. Those seeking exemption must provide proof of policy.
DIFFERENCE BETWEEN ORIGINAL AND AMENDED VERSION:
Amendment localizes bill and establishes eligibility based on income
and/or parcel location and ownership.
JUSTIFICATION:
By having more properties covered by flood insurance, an insurance
provider is much more equipped to relieve areas devastated by floods.
Unfortunately, many of those who now find themselves in newly designated
flood zones did not expect to have the financial burden of flood insur-
ance and cannot afford it. This bill provides some relief to offset the
cost of federally mandated flood insurance participation among impover-
ished home owners and communities.
LEGISLATIVE HISTORY:
03/02/18 referred to real property taxation
06/14/18 amend and recommit to real property taxation
06/14/18 print number 9967a
FISCAL IMPLICATIONS:
None.
LOCAL FISCAL IMPLICATIONS:
Reduced property tax revenue from low, income households.
EFFECTIVE DATE:
This act shall take effect immediately and will apply to assessment
rolls prepared on and after January 1, 2019.
