In 2024, the U.S. experienced 27 weather disasters, with Hurricanes Helene and Milton causing over $1 billion in losses each. Ongoing wildfires in Southern California and a severe snowstorm in the South may lead to substantial financial damages, estimated at up to $17 billion. Homeowners face steep increases in insurance premiums and potential rises in property taxes, driven by reassessments of damaged properties. Daniel Cabrera highlights how municipalities may raise tax rates to offset rebuilding costs, complicating financial recovery for affected homeowners.
In Los Angeles, wildfires similarly create more expensive places with taxes to meet increased funding needs.
For example, many homeowners in Miami saw their properties reassessed after Hurricane Irma.
The repercussions of climate disasters for homeowners can be catastrophic.
Natural disasters usually spur property reassessments, which temporarily lower the values of damaged properties while simultaneously reducing homeowners' taxes.
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