Sec. 16.8. (a) This section applies to a dwelling or other building that is situated in a special flood hazard area as designated by the Federal Emergency Management Agency in which the mandatory purchase of flood insurance applies.
(b) The basement of a dwelling or other building described in subsection (a) is exempt from property taxation if:
(1) the basement floor level has been elevated to mitigate the risk of flooding; and
(2) as a result, the basement is rendered unusable as living space.