Many residents who are able to make repairs and rebuild following Irma, are concerned that their property taxes may be affected after the improvement. If you own a homestead property you are protected by Florida statute.
The statute states that “Changes, additions, or improvements that replace all or a portion of a homestead property damaged or destroyed by misfortune or calamity shall not increase the homestead property’s assessed value when the square footage of the homestead property as changed or improved does not exceed 110 percent of the square footage of the homestead property before the damage or destruction.” Additionally if the total square footage of the improved property does not exceed 1,500 square feet, the assessed value will not increase.
The statute also addresses properties that are not replaced: “When property is destroyed or removed and not replaced, the assessed value of the parcel shall be reduced by the assessed value attributable to the destroyed or removed property.”
The folks at the Monroe County Property Appraiser’s office are there to help. If you have any questions they can be reached at 305-292-3420 or you can visit their website.