Florida Chief Monetary Officer Jimmy Patronis talks hurricane preparedness, potential insurance coverage value adjustments in Miltons aftermath and the Sunshine States price of dwelling.
Florida owners impacted by the huge destruction from Hurricanes Helene and Milton could apply for a break on their 2024 property taxes, the state’s chief monetary officer instructed FOX Enterprise.
“Property taxes will reflect whatever the functional usefulness of the property is, so if your home has been damaged and that new appraised value is less, it will be a reprieve,” Florida CFO Jimmy Patronis stated on “Varney & Co.” Tuesday.
A house owner inspects damages of his home after Hurricane Helene made landfall in Horseshoe Seaside, Florida, on September 28, 2024. (CHANDAN KHANNA/AFP by way of Getty Photos / Getty Photos)
“We did this after Hurricane Ian, where there will be a rebate system in place, but the individual has to apply before March 1 in order to get that rebate back,” Patronis defined. “If your home is not as [valuable] as it was pre-storm, then you shouldn’t be paying taxes on a home that was not harmed. So if your home was harmed, you will have a discount.”
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Beneath the property tax reduction the state signed into legislation following Hurricanes Ian and Nicole in 2022, owners could obtain a prorated refund on their property taxes if a residence was rendered uninhabitable for at the least 30 days by both of the lethal hurricanes.
The refund quantity is calculated by making use of the p.c change in worth to the variety of days the residential enchancment was uninhabitable, beneath the state’s pointers.
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Householders impacted could apply for the rebate by filling out the Utility for Catastrophic Occasion Tax Refund type from the Florida Division of Income and submitting it with the property appraiser within the county the place the property is positioned.
Madison Ventures Plus managing director Mitch Roschelle breaks down the impression on insurance coverage prices and actual property in Florida from the hurricanes on ‘Varney & Co.’
To indicate uninhabitability, candidates shall be required to offer supporting documentation corresponding to utility payments, insurance coverage data, contractors’ statements, and constructing allow purposes or constructing inspection certificates of occupancy.
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The utmost variety of days that may very well be claimed from Hurricane Ian in 2022 was 95 days, and most variety of days for Hurricane Nicole was 52 days that yr. These storms hit in September and November, respectively.
Householders that fail to file their utility by the March 1, 2025, deadline waive their eligibility for a property tax refund beneath Florida legislation.
