Florida Chief Financial Officer Jimmy Patronis talks hurricane preparedness, potential insurance price changes in Miltons aftermath and the Sunshine States cost of living.
Florida homeowners impacted by the massive destruction from Hurricanes Helene and Milton may apply for a break on their 2024 property taxes, the state’s chief financial officer told FOX Business.
“Property taxes will reflect whatever the functional usefulness of the property is, so if your home has been damaged and that new appraised value is less, it will be a reprieve,” Florida CFO Jimmy Patronis said on “Varney & Co.” Tuesday.
A homeowner inspects damages of his house after Hurricane Helene made landfall in Horseshoe Beach, Florida, on September 28, 2024. (CHANDAN KHANNA/AFP via Getty Images / Getty Images)
“We did this after Hurricane Ian, where there will be a rebate system in place, but the individual has to apply before March 1 in order to get that rebate back,” Patronis explained. “If your home is not as [valuable] as it was pre-storm, then you shouldn’t be paying taxes on a home that was not harmed. So if your home was harmed, you will have a discount.”
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Under the property tax relief the state signed into law following Hurricanes Ian and Nicole in 2022, homeowners may receive a prorated refund on their property taxes if a residence was rendered uninhabitable for at least 30 days by either of the deadly hurricanes.
Alerts for Hurricane Milton in Florida (FOX Weather / Fox News Weather)
The refund amount is calculated by applying the percent change in value to the number of days the residential improvement was uninhabitable, under the state’s guidelines.
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Homeowners impacted may apply for the rebate by filling out the Application for Catastrophic Event Tax Refund form from the Florida Department of Revenue and filing it with the property appraiser in the county where the property is located.
Madison Ventures Plus managing director Mitch Roschelle breaks down the impact on insurance costs and real estate in Florida from the hurricanes on ‘Varney & Co.’
To show uninhabitability, applicants will be required to provide supporting documentation such as utility bills, insurance information, contractors’ statements, and building permit applications or building inspection certificates of occupancy.
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The maximum number of days that could be claimed from Hurricane Ian in 2022 was 95 days, and maximum number of days for Hurricane Nicole was 52 days that year. Those storms hit in September and November, respectively.
Homeowners that fail to file their application by the March 1, 2025, deadline waive their eligibility for a property tax refund under Florida law.
