Section 3. Local abatement of real estate taxes.
A taxing authority may, by ordinance or resolution, abate real estate taxes imposed by them for the tax year 2011, if the real property upon which the tax was imposed was damaged or destroyed by Hurricane Irene or Tropical Storm Lee. Upon the adoption of an ordinance or resolution authorizing the abatement of real estate taxes under this section, the taxing authority shall provide a copy of the ordinance or resolution to the county assessment office. The amount of any real estate tax abated shall be in direct proportion to the damage to the property as measured by a reduction in the assessed valuation of the property by the county assessment office using the same assessment valuation factors, criteria and procedures in use prior to the disaster. The county assessment office is authorized to reassess damaged properties retroactive to August 1, 2011, to reflect reductions in property value due to damage resulting from Hurricane Irene or Tropical Storm Lee. A damage assessment performed in conjunction with the county assessment office and the Federal Emergency Management Agency (FEMA) for purposes of determining Federal disaster aid connected with Hurricane Irene or Tropical Storm Lee may be used to determine the abatement of real estate taxes. In the event that the real estate tax has been paid, a portion of the assessed value of the property lost due to damage may be refunded by the taxing authority or reflected by the taxing authority in the form of a credit for the succeeding tax year. The amount of real estate tax abated, credited or refunded by any taxing authority shall not exceed $30,000 for any single property, notwithstanding any other exclusion applicable to the property.