In 2024, the U.S. faced 27 weather disaster events, including Hurricanes Helene and Milton, resulting in significant financial losses. Recent wildfires and a historic snowstorm are expected to cause billions in additional damages. The aftermath of these disasters can severely impact homeowners, causing insurance premiums to rise and complicating property tax assessments. While damaged properties may be reassessed to reflect lower values temporarily, those assessments do not automatically adjust for total losses, creating further financial strains during recovery efforts.
For example, many homeowners in Miami saw their properties reassessed after Hurricane Irma. In areas that were not affected, tax rates were increased to help offset the loss in revenue.
The repercussions of climate disasters for homeowners can be catastrophic. For starters, insurance premiums often rise in areas with the highest risk of natural disasters.
Natural disasters usually spur property reassessments, which temporarily lower the values of damaged properties while simultaneously reducing homeowners' taxes.
However, when a home is destroyed in a wildfire, the property tax assessments don't automatically reset to reflect this loss.
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