In 2024, there were 27 weather catastrophe events in the US, including devastating Hellenic hurricanes and Milton, “with losses exceeding $ 1 billion each”, according to national environmental information centers.
Recently, continuous devastating fires, which began in Jan. 7, Continue to destroy southern California -and last week, a historic snowstorm entered the southern states, which could face a loss of $ 15 billion to $ 17 billion for the storm, according to Accuweather.
Climate disaster repairs for homeowners can be catastrophic. For beginners, insurance premiums often grow “in areas with the highest risk of natural disasters such as hurricanes or fires,” according to the National Bureau of Economic Research.
Farmers, natural disasters can also affect property taxes, which can be shocking to homeowners, especially when going to the tax season.
Problem with property taxes after natural disasters
Daniel Cabrera, founder and CEO of the buyer of the house of fire damage, say that natural disasters usually follow the reassessment of property, which temporarily reduce the values of damaged property while reducing the taxes of homeowners.
Moreover, municipalities can increase property tax rates to offset losses during the reconstruction process.
“For example, many homeowners in Miami saw their reassessment behind Hurricane Irma. In areas that were not affected, tax rates increased to help provide loss of income,” he says. “In Los Angeles, fires similarly create more taxing to meet the needs of financing increases.”
However, when a “home is destroyed in a wild fire, asset tax estimates are not automatically reset to reflect this loss,” Newsweek reports.
This means that the value of the property “remains unchanged if the homeowner does not apply for reassessment”.
Los Angeles County homeowners who are affected can apply to facilitate the property tax disaster under certain circumstances, including that the loss estimate is “at least $ 10,000 of the current market value”, according to the board State of California equation.
These owners may be entitled to a temporary reduction in property taxes or refund if they have already paid taxes. Some taxes return to the owner of the property if they are already paid.
“Once it is rebuilt, the premeditated property value will be restored,” the board added.
Where you live issues
The law in New York is different. The state recently adopted a draft law to protect owners who have suffered property losses or second injuries to natural disasters.
In December 2024, the state approved the Draft Law on Religating Property Taxes on Climate Change, which “provides assesses of assessment to property owners within powerful municipalities; relates to reimbursement payments and real estate tax loans as a result of participating in the facilitation of the climate change asset tax, “according to the text of the draft law.
While climate risks have affected many Americans, they have not affected the number of people seeking to live in these areas, especially those considered desired. A recent New York Times analysis revealed that Hurricane -prone Florida, for example, “gained millions of new residents between 2000 and 2023.” The analysis also revealed that Sierra Nevada of California -prone to wild fire has seen “an influence of people even as fires in the region became more frequent and heavy.”
According to Cabrera, climate change has not determined the question because lifestyle and economic opportunities usually gain risk.
“Migration to Los Angeles continues because economic opportunity and climate continue to attack, even in the presence of the dangers of fire and drought,” he says.
How can climate risks affect your home value
Experts say climate change directly affects property values by increasing the risk associated with property in flooding areas, areas treated by Hurricanes and fire -prone regions.
“In Florida, the properties within FEMA designed flood areas often see reduced market appeal unless they have softening features such as raised foundations,” says Atttorney and CPA Chad D. Cummings, Cummings & Cummings Law.
Cummings adds that buyers are also returning insurance premiums. For example, in Miami, water property has shown slower levels of valuation than inland property over the past five years.
“This is partially attributed to the strict security premises coming from non -renewal of the police and existing refusals by many insurers to write new police in the Sun state,” he adds.
How to live in a flood or fire zone will affect your property taxes
Living in a catastrophe -prone area can affect the taxes of your properties in several ways. They can be estimated at a higher rate due to the cost of utilities that include emergency response, construction and maintenance of flood control infrastructure, says Cabrera.
“For example, in Asheville, NC, posterm tax reassessments for some flood prone lead to significant increases to finance recovery efforts,” he says.
Where can I find how many property taxes are in a house?
If you are the owner of the home, you can find out how much you are paying in your most current property tax statements.
If you are a buyer, you can view the real estate rankings for rating and tax information or go to the county website to detect the annual property tax.
Property taxes can fluctuate based on variable factors, such as the local real estate market.
Can I write property taxes?
Asset taxes are deductible in the Federal Tax Declaration, but only if you determine your total state and local tax deductions and taxes for the year do not exceed $ 10,000, say Mark Luscombe, CPA, lawyer, leading analyst in Wolters Kluwer Tax & Concounting.
If you are married and philing separately, the amount should not exceed $ 5,000, according to H&R Block.
#climate #risks #affect #property #taxes #caliph
Image Source : nypost.com