Assessor Manuals, Exemption Administration: RPTL Section 467-k

Exemption Administration Manual, Part 1 Residential: Other Than Multiple Dwellings

Section 4.01 - RPTL Section 467-k: Residential Property in the Flood Insurance Program in Syracuse

Exemption code:

44603

Year originally enacted:

2018

Related statutes:

None

Summary:

To the extent allowed by local option, certain 1, 2, and 3 family residential properties that are: located in the City of Syracuse¹;  located in a Special Flood Hazard Area (SFHA; either located in a neighborhood revitalization area, or owner-occupied and income eligible; and, and that are insured by a federally backed flood insurance policy, are exempt from city taxation in the amount of $81,000 of assessed value (see Calculation of Exemption).

Eligibility requirements

Ownership requirements:

If the property is located outside a neighborhood revitalization area, it must be owner-occupied and the household income must not exceed the limit specified in local law. If the property is located within a neighborhood revitalization area, no ownership requirement applies.

Property location requirements:

The City of Syracuse¹. The property must be located in a Special Flood Hazard Area (SFHA) contained on the currently effective Flood Insurance Rate Map (FIRM) or the FEMA Flood Hazard Boundary Map (FHBM) in the City of Syracuse.

The property must also be either located in a neighborhood revitalization strategy area, as defined by the Department of Neighborhood and Business Development or other agency as defined in local law, unless the property is owner-occupied and the household income does not exceed the limit specified in local law.  

¹ The statute restricts its applicability to cities with populations between 135,000 and 150,000 according to the latest decennial census. Only the City of Syracuse currently qualifies.

Property use requirements:

The property must be a one, two or three-family residential property.

Certification by state or local government:

The property may not have any delinquent city taxes as of taxable status date or as of a later date if so specified in local law.

Required construction start date or other time requirement:

None required.

Local option

Yes. A city may choose to allow the exemption through passage of a local law. In addition, the city may set the income eligibility threshold at an amount no more than $62,985. Furthermore, the city may choose to designate additional agencies to define eligible neighborhood revitalization areas. The city may also choose to set a date, later than taxable status date, by which there must be no delinquent city taxes on the property.

Limitation on exemption

*If allowed by local option

**The statute governing this exemption does not specifically address its applicability to school taxes.

Payments in lieu of taxes

None required.

Calculation of exemption

General municipal and school district taxes:

The amount of the exemption is $81,000 of assessed value. If there is a revaluation or update that leads to the certification of a material change in level of assessment, the amount of the exemption must be multiplied by the change in level of assessment factor.

Special ad valorem levies:

No exemption allowed

Special assessments:

No exemption allowed.

Assessment roll section

Taxable (RPS Section 1).

Filing requirements (owner or occupant of property)

Initial application:

File Form RP‑467-K1, Application for Partial Tax Exemption for Residential Property in the Federal Flood Insurance Program in the City of Syracuse.

Must provide adequate proof that property is insured by a NFIP flood insurance policy.

Renewal:

An application must be filed annually, on or before the taxable status date, in order to maintain the exemption.

Exemption application forms

Form RP‑467-K1

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