151.230 Minimum standards for flood plain management to be set by administrative regulation -- Local application and effect. (1) The cabinet may establish minimum standards by administrative regulation for floodplain management. Except in local governments containing a city of the first class, local governments may establish their own standards by ordinance. (2) In counties containing a city of the first class that have adopted a floodplain ordinance, standards relating to substantial improvements to a structure damaged by flood waters shall not be more restrictive than that prescribed by the cabinet. (3) For purposes of county administrative regulations and ordinances relating to floodplain management, "substantial improvement" as used in subsection (2) of this section shall mean any combination of repairs, reconstruction, alteration, or improvements to a structure taking place during a one (1) year period in which the cumulative cost equals or exceeds fifty percent (50%) of the market value of the structure. (4) On March 29, 2000, for purposes of floodplain management, all property shall be assessed by the property valuation administrator at one hundred percent (100%) of its fair market value with no loss of value to land or structures incurred as a result of any previous flood damage prior to March 29, 2000. The fair market value of a structure shall be reestablished as that value calculated by the property valuation administrator on or before December 30 of each year. (5) The provisions of subsections (3) and (4) of this section shall expire on December 31, 2002, unless reenacted by the local governing body. Nothing in this section shall prohibit a county containing a city of the first class from amending its own floodplain ordinance at any time. Effective: March 29, 2000 History: Amended 2000 Ky. Acts ch. 243, sec. 1, effective March 29, 2000. -- Created 1966 Ky. Acts ch. 23, sec. 27.