* § 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
properties 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
management 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;

(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

(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
eighty-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.

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. 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
assessment 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.

6. Within thirty days following the adoption of the provisions of this
section, the assessor shall mail to the owners of one, two, or
three-family residential property within the designated flood zone 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.

* NB There are 2 § 467-k's