Why does this parcel not have a Tax Roll Value Letter?
The Tax Roll Value Letter is to assist taxpayers with the FEMA “50% rule” decision-making on their property
that has been significantly impacted by Hurricane Ian. In some cases, there is no building value (e.g.
vacant land). In other instances, information for the letter doesn’t exist (e.g. condos do not have
separate land or building value). In still other cases, the values are an allocated value (many commercial
properties valued via the income approach) and don’t adequately represent all of the parts and pieces of the
property’s value. We recommend you seek a professional to asssist you with your property’s market value for
these properties.
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Specific to condominium properties, the tax roll value letter cannot be developed as this office does not
make a distinct determination of non-covered items (land, pool, parking lot, etc.) for the entire complex.
Further, each jurisdiction is charged with deciding how they want to address the division of the fractional
ownership of the common Association property. For example, simply combining the value of all of the units
in the complex to create a "whole" value not only fails to properly consider whether the "value is equal
to the sum of the parts", but from this "number" deductions must legally still be made for the non-covered
items (land, pool, parking lot, etc.). These items are not separately assessed by our office, and therefore,
the tax roll value letter cannot be developed for condominium properties. Our office encourages these owners
to work with their Association and local jurisdiction in order to find the best solution, which in most
situations will typically be a private appraisal of the entire complex.
What do I need to know about building back/remodeling/repairing after the
hurricane?
The County and some of the municipalities have posted guidelines on their websites. Two things
are important. There is what is known as the “50%” rule. You can read more about it on the
County’s website.
And yes, you still must follow the permitting process that each jurisdiction has.
You may also find useful information which further defines the “50%” rule and how it applies on
FEMA’s website. And yes, you still must follow the permitting process
that each jurisdiction has. Please review this process by visiting your local
jurisdiction’s website listed below or contact their office directly.
On our
website
you will find a letter setting forth your just value that you may find useful in this process.
How will you determine my value when I build back/remodel/repair my property?
We look at each individual property to see what was damaged, what was replaced and what changed.
Each of these items is unique, so until we have the information we cannot completely answer the
question. That is why it is so important that you let us know you have damage.
How does the hurricane affect my taxes?
For residential properties, you will be able to apply for a refund for a portion of the taxes depending
upon your individual circumstances including the extent of the damage and whether or not you were unable
to use the property. The details are included in
FS 197.319. There currently is no specific relief for other classes of property.
If my property was damaged by the hurricane, what’s my "new" property value?
Your new value will be determined as of January 1 following the catastrophic event. We’ll need you to
report your damage to us and we will factor the damage into your valuation. You can email us at
hurricaneupdate@leepa.org, or you can use the
Hurricane reporting link.
If I have to rebuild or remodel, will it affect my taxes?
Generally, if you change your property significantly from how it was before the catastrophe,
your value will be impacted and will likely increase. If your build back is similar to your
previous property, the value impact will likely be minimal.
What is going to happen to my homestead exemption?
If your property was damaged and you are unable to live in it and you want to continue to keep your homestead
exemption on the property, you must tell us that you intend to repair or rebuild the property and make it your
permanent residence when it is complete. You can email us at exemptions@leepa.org
with your information. There are also deadlines for commencing the repair/rebuilding.
IMPORTANT ALERT
During the repair and rebuilding of your property, you will want to be careful that you do not inadvertently
take any actions that may jeopardize the homestead exemption, for example, registering to vote or getting a
driver license in a different county or state. It is OK to change your mailing address,
as this is considered temporary.
Please contact our office (email: exemptions@leepa.org) if you have questions
about keeping your homestead and what actions could potentially jeopardize it.
You can find additional information here:
Florida Statute 196.031 Exemption of Homesteads.