|
Residential property owners who experience severe damage to their homes as a
result of a catastrophic event are eligible to receive a home improvement
exemption of up to $45,000.
This exemption is available when a residential structure is rebuilt after a
catastrophic event. The exemption applies to the difference between the increased value of
the rebuilt structure and the value of the structure before the catastrophic event.
The residential structure must be rebuilt within two years after the catastrophic
event. The exemption will continue for four years following completion or until the next
reassessment, whichever is later.
Catastrophic events are defined as severe damage or loss of property resulting from any
catastrophic cause including but not limited to fire, flood, earthquake, wind, storm,
explosion or extended periods of severe inclement weather. In the case of flooding,
the structure must be located within a jurisdiction which is participating in the National
Flood Insurance Program.
To file for a Catastrophic Event Exemption, the property owner or authorized
representative must complete a Residential Assessed Valuation Appeal form.
Along with the appeal form, it is necessary to submit the following materials:
|
